SBI Ventures Singapore joins Philippine startup’s $6m round

Seedbox Technologies, a wealth management startup, has raised US$6 million from SBI Ventures Singapore and Philippine Equity Partners.

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Seedbox lets users invest in funds online – digital sachet investing – and lowers the barrier of entry into investing at 50 pesos (US$0.97). The company is also responsible for digitalizing the personal equity retirement account (PERA), the country’s voluntary pension system that connects investors to administrators and product providers.

Founded in 2016 as a joint venture between Philippines-based ATRAM group and Indonesia-based software firm Indivara group, the startup said it has over 1 million users.

The new funding will be invested in scaling Seedbox’s operations with investments in upgrading its tech platform, enhancing its product suite and expanding its team.

See also: The Philippines: Asia’s next crypto hub?

Currency converted from Philippine peso to US dollars: US$1 = 51.4 pesos.