Bambu, a Singaporean robo-advisory platform, has raised $3m in a Series A funding round led by Franklin Templeton Investments.

Franklin Templeton, who is an existing backer, was joined by Singaporean family office Octava and Japanese fintech firm Mamoru Taniya in the funding round.

The robo-adviser plans to use the new capital to accelerate its expansion across the globe.

Franklin Templeton managing director and head of retail Harshendu Bindal said: “Since our initial investment in 2017, the Bambu team has shown its ability to drive constant innovation in the digital wealth management space. This makes Bambu a great long-term partner for us, and we are excited to continue our support of the team and their global expansion efforts.”

Bambu, set up in 2016, leverages proprietary algorithms and machine learning tools. Apart from Singapore, the firm has offices in Hong Kong, Malaysia and the UK.

Bambu CEO and founder Ned Phillips said: “Early this year we already surpassed the growth targets we had set for 2018, with seven new clients preparing to go live between the Asian and U.S. markets. This proves our B2B business model is working, as there is real global scalability without large capital requirements. Our next ambitious goal is to get a million end users on the platform by 2019.”

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