Wealthtech firm WeInvest raises $12.3m, Schroders among investors
Business-to-business (B2B) digital wealth management solutions provider WeInvest has taken in an investment of its own, reports Julie Muhn at Finovate. The Singapore-based company just closed on $12.3 million in Series A funding.
The financing comes from a handful of angel investors, along with Schroders, which acquired a minority equity stake in the company. This is WeInvest’s first major funding after an undisclosed round in 2017.
In an interview, WeInvest co-founder and CEO Bhaskar Prabhakara told Dealstreetasia that the funds will be used to promote product development and to “expand the functional range of the platform across regional regulatory requirements, business models, and products”.
Unlike other models, WeInvest’s robo-advisory services empower traditional advisors with tools to help them compete with pure roboadvisory plays. WeInvest has three main products. TrackWealth offers simplified account aggregation and wealth analysis for advisors to provide their clients. GrowWealth, provides goal-based and thematic investing roboadvisory services that advisors can offer their self-directed clients. And AdviseWealth offers a service for relationship managers.
Founded in 2015 and with 38 employees, WeInvest offers its services in Malaysia, Indonesia, Hong Kong, India, and Dubai. WeInvest has five clients and anticipates it will double that number by the end of the year.