Singapore-based family office Octava has joined the latest funding round for Bambu, adding the robo-advisory firm to its fintech portfolio.
Led by Franklin Templeton Investments and joined by Japanese fintech investor and CEO of Asuka Asset Management, Mamoru Taniya, the Series A funding round raked in $3 million for Bambu.
Octava has also invested in other fintech companies in Asia, such as Indonesian mobile payments platform PT Sepulsa, Indonesian online lending company Uangteman as well as Australian forex broker, GO Markets.
‘There is increased movement in terms of family offices looking at fintech,’ Ned Phillips, Bambu CEO and founder, told Citywire Asia. ‘There’s definitely more interest now than there was two years ago.’
Phillips said that the funds will be used to grow the existing teams in Singapore, Hong Kong, Kuala Lumpur and London from 33 employees to 50.
Additionally, the firm wants to expand to Bangkok, Jakarta and the US by the end of the year.
Founded in 2016, the tech firm currently has 11 clients across Asia, Brazil and the US, including Standard Chartered Private Bank and independent asset manager Crossbridge Capital. Phillips said that he is in talks with insurers and asset managers as well.
Bambu offers its robo-advisory platform to a wide customer base, from mass retail all the way up to high net worth individuals, through financial institutions.
It also provides relationship manager tools, such as Thomson Reuters-backed Intelligent Advisor for ranking investment ideas, as well as a white label offering that integrates into the private bank’s platform and has visibility on client positions.
Earlier this year, robo advisor StashAway also raised $5.3 million from Singapore-based family offices, including the Rozario family, in Series A funding.