Bambu team photo
Bambu, a Singapore-based startup providing digital wealth technology for B2B businesses across the globe, has announced the acquisition of Tradesocio, a developer of wealth management software for advisors, based in the island nation.
The terms of the deal were not disclosed.
The company said that this acquisition strengthens Bambu’s team size and will give it access to TradeSocio’s stock trading technology. “Like many startups, we have a flat structure. We will merge the TradeSocio team with the Bambu team. Bambu HQ will remain in Singapore but we now have global reach both in terms of team tech and clients,” CEO Ned Phillips said.
Additionally, Tradesocio’s presence across EMEA (Europe, Middle East, and Africa) and India is set to grow Bambu’s reach in a rapidly expanding and evolving global digital wealth market.
“After five years of building solid foundations, Bambu is now entering a phase of rapid growth. This deal helps us in three key areas: it expands our product offering into stocks and crypto, it gives us a wider global footprint, and enables us to scale our team effectively to match exponential demand. We believe this positions us well for our Series C and ambitions of becoming the global leader in wealthtech,” he added.
Also Read: Bambu raises US$3M to provide automated, algorithm-driven financial planning services to investors
Separately, in an emailed response to e27, Phillips said that Bambu is in talks with investors to raise US$25 million in Series C round and aims to make US$100 million in annual revenue within five years.
Founded in 2016, Bambu provides digital wealth technology services for businesses of every size and industry, from finance to commercial. The firm uses Machine Learning tools to enable companies to make saving and investing simple for their clients.
With 70 employees, Bambu is present in London and Hong Kong, besides Singapore. It also has representatives in San Francisco and Johannesburg, with clients in the US, Europe, the UAE, and across Asia.
The company had previously raised US$3 million in Series A funding, led by Franklin Templeton Investments, with participation from Singapore’s family office Octava and Japanese fintech investor Mamoru Taniya.
Established in 2015, Tradesocio enables financial institutions worldwide to access, manage and offer investment management and brokerage solutions to their customers. It provides an end-to-end financial management solution, from development, hosting and maintenance, to security and post-sales technical support.
According to Tradesocio, it offers tailored digital investment management solutions to the wider investment management community that it claims reduces costs and increases revenue potential.
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Image Credit: Bambu
The post Bambu acquires Tradesocio to scale its B2B wealthtech offerings, in talks to raise US$25M Series C appeared first on e27.