US asset management firm Franklin Templeton Investments has made a strategic investment in Bambu, a Singapore-based B2B robo-advisory platform.
Other investors have included Singaporian venture-capital company Wavemaker Partners and fintech investor Robby Hilkowitz.
Bambu will use the funds to speed up its sales and business development capability with the aim of meeting rising demand for robo-advisor solutions globally and of strengthening the company’s R&D in Singapore.
Harshendu Bindal, managing director, head of Retail (International) at Franklin Templeton Investments, said: “Our investment in Bambu stems from Franklin Templeton’s interest in advancing emerging technologies in the fintech space that fit with our focus on being innovative in the ways we serve our clients.”
Ned Phillips, founder and CEO of Bambu, commented: “Bambu is now a growth stage company in the rapidly changing world of digital wealth, and to gain support from leading industry players brings great momentum towards our goal of becoming the market leader in this space.”
Bambu was established in February 2016.