Online retail investment support platform WeInvest has reportedly raised $12.3m in its Series A funding round.
As part of the funding round, Schroders has acquired a majority stake in the company, alongside contributions from unnamed angel backers, according to a report by DealStreetAsia.
Singapore-based WeInvest helps financial institutions to provide their customers with digital investing tools. The company is in operation across Malaysia, Indonesia, Hong Kong, China, India, and the UAE. WeInvest offers three solutions, TrackWealth, an account aggregation and wealth analysis service, robo-advisor platform GrowWealth and a relationship manager support solution AdviseWealth.
Through TrackWealth, customers can access insights into the investment market, monitor cashflows, review exposure by geography, products, and currency, and compare investments. AdviseWealth provides wealth managers with dashboards to view a client’s portfolio, capture a client’s interest across regions, assets, currencies, sectors, strategies and risk.
GrowWealth provides consumers with support for investing through short to mid-term strategies, customisable investment portfolios, real-time event alerts, e-onboarding for clients and risk profiling.
This equity injection will be used to support product development in order to expand its use across various regional regulatory requirements, according to the article.
Last month, Schroders launched a global in-residence program for technology strartups to support the financial service industry. Applicants in the program will be supported through collaboration and development and will gain access to relevant divisions within Schroders.
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