Wealth management startup seeks to expand out of Hong Kong with $4m series A

Photo credit: Quantifeed is a little more wealthy today. The Hong Kong-based company announced it has raised US$4.5 million in a series A round led by Shanghai venture capital firm PGA Venture Partners.

Quantifeed makes financial management software for financial institutions and their customers. Its apps can be customized for each client’s purposes and they can work online or within a client’s internal network.

CEO Alex Ypsilanti explains that this is the right time to scale the business in order to address the current market opportunity. “Technology will enable banks and other financial firms to transform how they deliver wealth management services – allowing many of them to reach myriads of underserviced consumers for the first time,” he says.

The funding is immediately available to the company in full. It will be used to strengthen Quantifeed’s distribution efforts in the region and get more clients on board. The startup will also boost its research and development team. In addition to strengthening its presence in Australia, Taiwan, Singapore, and Hong Kong, the team is also looking at markets like Japan, Korea, and Indonesia. China is a particularly major target.

The investors who participated in this round bring to the table “a rich network of contacts and experience in building and scaling new businesses,” Alex says. PGA’s network should prove particularly valuable in the startup’s China ambitions. Other investors in the round include individuals and family offices “with expertise in finance and banking,” Alex adds.

(From L to R:) CCO John Robson, CEO Alex Ypsilanti, CTO Ross Milward. Photo credit: Quantifeed.

Digital wealth

Startups like Singapore’s Mesitis and Australia’s StockSpot, which use technology to offer investmenet advice and wealth planning, are targeting the financial hubs of Hong Kong and Singapore.

Quantifeed’s edge in the market is down to three key points, according to Alex: an emphasis on a simple and intuitive user experience, a flexible platform that’s easily customized and integrated into existing systems, and the combination of both financial and software expertise of the team, which Alex feels is the most effective way for fintech companies to help financial institutions.

The startup was founded in 2013 by Alex and Ross Milward, who is the CTO. Both have a background in investment banking, having worked at companies like Morgan Stanley and Merrill Lynch.

At the moment it has 12 employees across its headquarters in Hong Kong and a developer team in Sydney. In total, it has raised US$7 million to date. Its clients include online brokers, financial advisors, consumer banks, and asset managers. The company doesn’t reveal any client or revenue figures.

Quantifeed is part of the first cohort in OCBC bank’s Open Vault Fintech Accelerator in Singapore.