Quantifeed, Asia’s leading B2B robo-advice provider, has closed USD10 million (AUD13.5 million) in a Series B funding round led by Cathay Financial Holdings, with participation from Legg Mason.
The Series B round will enable Quantifeed to fuel its growth in Australia and Asia-Pacific. The investment will also accelerate research and development in areas such as behavioural analytics and data science to improve customer engagement.
“We welcome the commitment of Cathay Financial Holdings and Legg Mason to our growth and we are confident that they will bring enormous value to our business,” says 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 transform themselves into providers of this service on a large scale. The additional funding allows us to fulfil this mission.”
Quantifeed provides B2B robo-advice services to nine financial institutions across Asia-Pacific, including Cathay United Bank, a wholly owned subsidiary of Cathay Financial Holdings.
“We have developed a strong relationship by Quantifeed to build our digital wealth management platform,” says David Sun, Senior Executive Vice President for Cathay Financial Holdings. “We’ve experienced first-hand the company’s relentless focus on servicing its clients and its ability to deploy cutting-edge technology to create digital wealth solutions. This round gave us the opportunity to continue executing on our strategy of collaborating with and investing in technology firms poised to transform financial services.”
Quantifeed currently has operations in Australia, Hong Kong, Taiwan, Malaysia, and Singapore. Demand for digital wealth management solutions is accelerating rapidly in Asia-Pacific as financial institutions respond to customer expectations for more personalised solutions and engaging relationships.
Andy Sowerby, Head of Legg Mason Australia, says: “Legg Mason’s investment in Quantifeed reflects our ongoing commitment to support our global intermediary clients in the digital transformation of their business. We have been impressed with Quantifeed’s leadership team, product offering and track record in Asia-Pacific. We think Quantifeed is well-positioned to help customers achieve their financial goals and financial advisors strengthen the customer experience.”