Hong Kong-based B2B robo-adviser Quantifeed said it will open an office in Singapore, as part of its its growth plans, after raising $10 million in a Series B funding round led by Cathay Financial Holdings, Taiwan’s largest financial holding company.

Quantifeed provides B2B robo-advice services to nine financial institutions across Asia, including Cathay United Bank, a wholly owned subsidiary of Cathay Financial Holdings, and currently has operations in Hong Kong, Taiwan, Malaysia, Singapore, and Australia.

In a statement, Quantifeed said proceeds from the funding round, which was also participated by US-based global asset manager Legg Mason Inc, will support the opening of its office in Singapore and fund research and development in areas such as behavioral analytics and data science.

“The Series B round will enable Quantifeed’s regional growth in Asia,” the company said.

Demand for digital wealth management solutions is accelerating rapidly in Asia as financial institutions respond to customer expectations for more personalized solutions and engaging relationships, the company added.

Alex Ypsilanti, CEO and Co-Founder of Quantifeed, said the additional funding will allow the company to fulfill its mission of “enabling financial institutions to transform themselves into providers of this service on a large scale”.

“We are bringing about wealthcare, a service aimed at helping everyone make the most of their savings to achieve their financial goals,” Ypsilanti said.

Quantifeed was founded in Hong Kong by two former investment banking executives, Ypsilanti (CEO) and Ross Milward (CTO), in 2013.

In 2016, the startup raised $4.5 million in Series A round led by Shanghai-based PGA Venture Partners.

Future markets that Quantifeed is looking to expand to include Japan, South Korea, and Indonesia, with China a particularly major target for the Quantifeed, given its Hong Kong basing and the growth of the Chinese financial sector, which has tripled since 2008.

Robo-advisers have been growing in popularity in Singapore, with OCBC Bank among the first to launch robo-advisory services.

According to a CB Insights report released last year, the most well-funded robo-advisor in the world is US-based Personal Capital, which has raised over $200 million in funding, while the most well-funded non-US company is China-based Wacai, which has raised $186.6 million.

Singapore, despite its size, accounts for 3 per cent of global deal share when it comes to robo-advisors, according to the report.

In March, Singapore-based digital wealth advisor StashAway secured $5.3 million in Series A funding round from a group of existing and new investors, including family offices.

StashAway said it will use the fresh funds to develop and enhance its investment service and technology. It also plans to launch into new markets overseas.

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B2B fintech Quantifeed raises $4.5m Series A from PGA Venture Partners

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