Magnum Research bags Series A ++ funding round

Magnum Research’s robo-advisor platform AQUMON has closed its Series A ++ round of funding.

Investors to the round included Bohai XingWang, and Alibaba Hong Kong Entrepreneurs Fund. Through the deal, AQUMON is hoping to corporate with BOCI in robo-advisory and provide automated global asset allocation services to its clients.

Founded in 2015, Magnum was incubated by the Hong Kong University of Science and Technology and since then it has raised $10m in capital funding. The platform is used across Hong Kong, China and Southeast Asia.

AQUMON provides financial institutions with an algorithmic strategy to improve their asset allocation models and lower costs associated with traditional methods. The robo-advisor also helps consumers to reach their financial goals and optimising their portfolios through the mobile app.

The company currently has partnerships with 30 domestic and overseas financial institutions, including multinational banks, brokerages, insurance companies and wealth management firms.

Kelvin Lei, CEO of Magnum Research, said: “Asia’s large and rapidly growing wealth management industry has many critical pain points including high fees, opaque business models, substantial home biases and poor customer services. Any improvements addressing these pain points will bring huge impact to the industry.

“Targeting these issues, Magnum Research independently developed its own AI algorithm and trading system, allowing investors to penetrate through all information layers and gain access to underlying assets directly.”

Last week, fellow Hong Kong-based FinTech company OneDegree raised $25.5m in its latest round of funding. The company, which is currently applying for an insurance license, is an online insurance platform which will enable consumers to buy and manage their policies through one location.

Earlier in the year, France-based robo-advisor Fundvisory raised €1.8m in its funding round from Aviva France and Macif Group.

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