The proceeds will be used to fuel its expansion plans.
Automated investment platform Quantifeed has closed US$10m series B funding round in June to accelerate its regional expansion plans and open a new office in Singapore.
Founded in 2013 by former investment banking executives Alex Ypsilanti and Ross Milward, Quantifeed provides B2B robo-advisory services for banks, online brokers, and wealth managers including Cathay United Bank, whose parent firm, Cathay Financial Holdings, led the latest capital injection into the startup.
“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 fulfill this mission,” Ypsilanti said.
The fintech’s wide range of services include goal-based investment advice, analytics platform and sales and customer engagement tools. With a team of experienced quantitative analysts who monitor market activity, Quantifeed is also able to offer a library of portfolios across major global markets for asset allocation, thematic investments and other trading strategies.
With operations in Hong Kong, Malaysia, Singapore, Taiwan, and Australia, Quantifeed hopes that the recent round of funding will jumpstart its plans to expand into other markets and double down on research and development efforts in data science and behavioural analytics segments.
US-based asset management firm Legg Mason also participated in Quantifeed’s series B funding round.
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