Singapore-headquartered robo-advisor Bambu has acquired investment management technology provider TradeSocio to accelerate its global growth.
Financial terms of the deal have not been shared.
The acquired entity specialises in investment management and trading technologies. It employs 65 people with offices in India, Singapore, and Dubai.
Bambu said that the acquisition would significantly strengthen the combined business’ competitiveness globally.
Additionally, the deal will allow Bambu to have presence in all major financial hubs. It will also bolster the firm’s digital wealth capabilities such as stock trading and cryptocurrencies.
Tradesocio also adds expertise in delivering and operating high-volume trading platforms across a number of asset classes.
Its presence across EMEA and India as well as its existing portfolio of clients is expected to further expand Bambu’s reach in the global digital wealth market.
Bambu CEO Ned Phillips said: “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,” Phillips added.
Founded in 2016, Bambu caters to more than 20 financial institutions globally with subsidiary in the UK and the US and EMEA representatives.
In 2018, the firm raised $3m in a Series A funding round led by Franklin Templeton Investments.
In the same year, DriveWealth collaborated with Bambu to launch a new robo-advisory platform for wealth management professionals in the US.