Quantifeed, a Hong Kong-based business-to-business (B2B) robo-advice provider, has closed US$10 million (RM40 million) in a Series B funding round.
The investment was led by Taiwan’s largest financial holding company Cathay Financial Holdings Co Ltd with the participation of US-based global asset manager Legg Mason Inc.
The Series B round will enable Quantifeed to fuel its regional growth in Asia and that it will support the opening of an office in Singapore, it said in a statement.
The funds will also accelerate research and development in areas such as behavioural analytics and data science to improve customer engagement.
“We are bringing about wealthcare, a service aimed at helping everyone make the most of their savings to achieve their financial goals.
“Our mission is to enable financial institutions transform themselves into providers of this service on a large scale. The additional funding allows us to fulfil this mission,” said Quantifeed CEO/co-founder Alex Ypsilanti.
Quantifeed provides B2B robo-advice services to nine financial institutions across Asia, including Cathay United Bank, a wholly owned subsidiary of Cathay Financial.
Quantifeed currently has operations in Hong Kong, Taiwan, Malaysia, Singapore and Australia.
Demand for digital wealth management solutions is accelerating rapidly in Asia as financial institutions respond to customer expectations for more personalised solutions and engaging relationships, it said. — TMR