HONG KONG digital wealth management solutions provider Quantifeed has raised an undisclosed amount of funding from its Series B+ round led by global asset manager Franklin Templeton.
The funding will enable the startup to continue its growth in existing markets: Australia, Hong Kong, Japan, Singapore, Taiwan and Thailand, as well as accelerate its expansion into new markets including China's Greater Bay Area and Malaysia, it said on Thursday.
The startup said its target markets are experiencing increasing demand for investment advice led by a fast-growing affluent class and ageing population. The investment from Franklin Templeton will allow Quantifeed to build engineering and delivery teams in key growth markets.
Quantifeed provides fund and exchange-traded fund portfolio order and trade management systems. Its on-premise and cloud solutions power the discretionary portfolio management platforms of financial institutions in Asia, it said.
Alex Ypsilanti, Quantifeed chief executive and co-founder, said: "The capital will allow us to service an increasing number of institutions that are transforming themselves into providers of wealthcare - the financial wellness of an individual."
The startup plans to enhance its platform capabilities with new machine learning technology and financial needs analysis. The funding will also be used to develop new solutions such as platforms that make planning and advisory services more efficient, flexible and scalable. Other plans include rolling out retirement solutions, it said.
Harshendu Bindal, Franklin Templeton head of digital strategy and wealth management, said Quantifeed is an important part of the ecosystem in the region, where demand for wealth advice and retirement solutions is increasing.