SINGAPORE - Hong Kong-based robo-advice provider, Quantifeed has raised US$10 million (S$13.6 million) of Series B funding to open a Singapore office and boost its research and development efforts.
The investment is led by Taiwan's largest financial holding company, Cathay Financial Holdings, and US-based global asset manager, Legg Mason Inc.
In a press statement on Wednesday (June 20), Quantifeed said that this injection of funds will enable it to fuel its regional growth in Asia, and accelerate R&D in areas such as behavioural analytics and data science to improve customer engagement.
The firm has operations in Hong Kong, Taiwan, Malaysia, Singapore and Australia.
It provides B2B robo-advice services to nine financial institutions across Asia, including Cathay United Bank, a subsidiary of Cathay Financial Holdings.
Said Alex Ypsilanti, CEO and co-founder of Quantifeed: "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 to transform themselves into providers of this service on a large scale. The additional funding allows us to fulfil this mission."