Robowealth co-founder Chonladet Khemarattana (L) and Beacon VC’s Thanapong Na Ranong
Robowealth, a robo-advisor for mutual funds in Thailand, has secured an undisclosed amount in Series A round of funding from Beacon VC, the corporate VC arm of Kasikorn Bank (KBank).
The partnership means that while Robowealth will be able to leverage KBank customers to grow its user base, the latter will be able to deliver value to its existing customers through the former’s wealth-tech services.
Launched in 2017, Robowealth operates as a mutual funds brokerage securities company under the supervision of Thai Securities and Exchange Commission. The platform allows users to invest in both Thai and global funds, starting from as low as 1,000 baht (US$33). It targets both high net-worth individuals (HNIs) and novices with its solutions.
The startup’s flagship product suite, Odini, targets everyday people looking for simple ways to invest and grow their money via automated ready-made mutual funds portfolios.
The platform has an investment committee of fund managers and analysts, whose primary role is to select a set of suitable mutual funds both regionally and globally.
These featured funds are then directly served to customers, who can choose the right ones for themselves, depending on the market conditions and customer risk appetite.
For HNI customers, it runs wealth management solutions under its subsidiary, Robowealth Investment Advisory Securities.
According to CEO Chonladet Khemarattana, Robowealth customers have benefitted largely from the investment diversification to global markets during the COVID-19 lockdown.
“Many tech stocks have greatly benefitted from the lock-down and the pandemic also encourages more people worldwide to quickly adapt to the digital platform which is the long-term benefit for wealth tech businesses,” he said.
Khemarattana further added that Robowealth aims to reduce the economic inequality in Thai society as the country faces one of the world’s worst wealth distribution.
Also Read: Don’t break the bank: Enabling financial inclusion and equity through tech
“Finding effective investment channels is still considered a big challenge for those who have a little cash surplus. Therefore, the core principle of Robowealth is to co-create the financial ecosystem, which enables Thais to start investing with minimal funds through convenient, user-friendly, and reliable channels regardless of the service ownership,” Khemarattana shared.
“Beacon VC focuses on investing in high-potential startups whose innovations and services can deliver real value to KBank customers through the creation of new financial products or services. While we would normally scout for new investments and find collaboration potentials with the business units, this is the first time that we invest in a startup that already has a working relationship with KBank,” Thanapong Na Ranong, Managing Director of Beacon VC, said.
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Image Credit: Robowealth
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