Singapore’s family office Octava, which focuses on real estate, financial technology and lifestyle investments, and Japanese fintech investor Mamoru Taniya also joined the round.
Launched in 2016 by Ned Phillips and Aki Ranin, Bambu provides a digital platform for businesses to offer automated and technology-augmented investment services. Headquartered in Singapore, it has subsidiaries in Hong Kong, Malaysia and the United Kingdom.
The startup said it plans to use the fresh funding to accelerate its global expansion plans, augment its AI research initiatives and hire more talent.
“Since our initial investment in 2017, the Bambu team has shown its ability to drive constant innovation in the digital wealth management space,” said Harshendu Bindal, managing director, head of retail at Franklin Templeton Investments.
Franklin Templeton Investments had previously backed Bambu in August 2017 as a strategic investor, joining an investment round along with Wavemaker Partners and fintech investor Robby Hilkowitz who invests in robo-advisors globally.
A statement from Bambu said the year 2018 so far has seen it bag new clients in Asia and North and South America as well as open new offices in London and Kuala Lumpur.
“Early this year we already surpassed the growth targets we had set for 2018, with seven new clients preparing to go live
between the Asian and U.S. markets. This proves our B2B business model is working, as there is real global scalability without large capital requirements. Our next ambitious goal is to get a million end users on the platform by 2019,” said Bambu founder and CEO Ned Phillips.
Other robo-advisors in Singapore include StashAway, which recently raised a $5.3-million Series A, Auto Wealth, Smartly, Connect by Crossbridge and Smartfolios.