Magnum Analysis, the proprietor of Hong Kong-based digital wealth administration platform Aqumon, has landed $30 million (HKD 233 million) in a Sequence C spherical.
The agency, backed by Chinese language ecommerce large Alibaba, claims it’s 2020’s “largest funding deal” in Asia for any digital wealth administration participant.
Latest months have seen Singapore-based robo-advisors StashAway and Syfe land lesser funding rounds than Magnum. StashAway landed a $16 million Sequence C in August, and Syfe landed a $18.6 million Sequence A only a month later.
And in April, Vietnamese micro-invest wealth administration platform Finhay raised an undisclosed seven-digit funding with main backing from Jeffrey Cruttenden, co-founder of US financial savings app Acorns.
Buyers in Aqumon
Magnum’s newest spherical was led by Hong Kong-based, Zheng He Capital Administration, an early investor of each IPO-seeker Lufax and insurance coverage large Ping An.
Eddie Legislation, Zheng He’s managing director, share its motive for the funding. “We’re on the lookout for a platform to supply each center class investor a well-trusted and dependable robotic monetary advisor, and I imagine Aqumon is the one.”
Different buyers within the wealthtech embody incubator group Lenovo Capital, Alibaba’s Hong Kong-based entrepreneur fund, the household workplace of Wing Lung – which owns a Hong Kong-based financial institution that makes use of Aqumon, and government-backed enterprise park Cyberport.
Alibaba, maybe Magnum’s most notable investor so far, beforehand led the wealthtech’s Sequence A spherical again in 2017. The ecommerce large has made a complete of 4 investments within the start-up.
Progress of Aqumon
Aqumon grew out of an incubator at Hong Kong College of Science and Know-how into a completely licensed monetary service agency.
It has places of work in Hong Kong, China and Singapore, serving each retail prospects and institutional companies with wealth administration options.
Magnum claims Aqumon’s algorithm-based funding recommendation, which diversifies portfolios primarily based on asset courses, has seen vital progress through the pandemic.
It says the app has skilled greater than 300% progress this yr, in comparison with 2019.
This progress is predicated on app downloads, account openings, and funds transferred to Aqumon accounts.
And regardless of persistent market uncertainty, its SmartGlobal portfolio netted 10.01% year-to-date return on 16 October 2020.
As for its enterprise options, so far Magnum says it has partnered with greater than 70 monetary establishments. The wealth supervisor says these companions cowl greater than ten million finish customers.
In addition to investor Wing Lung Financial institution, Aqumon additionally outsources to AIA Hong Kong, Financial institution of China Worldwide, Guangzhou Rural Industrial Financial institution, China Sources Financial institution, and ChinaAMC.
Magnum says the spike in digital alternate options, in addition to the recognition of cloud-based options to scale back implementation prices, have helped Aqumon to develop within the enterprise house.
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