Robowealth rakes in Series A
Thailand: Robowealth, a robo-advisor for mutual funds in Thailand, has secured an undisclosed amount in a Series A round of funding from Beacon VC, the corporate VC arm of Kasikorn Bank (KBank).
The partnership means that while Robowealth will be able to leverage KBank customers to grow its user base, the latter will be able to deliver value to its existing customers through the former’s wealth-tech services.
Launched in 2017, Robowealth operates as a mutual funds brokerage securities company under the supervision of the Thai Securities and Exchange Commission. The platform allows users to invest in both Thai and global funds, starting from as low as 1,000 baht (US$33). It targets both high net-worth individuals (HNIs) and novices with its solutions.
According to CEO Chonladet Khemarattana, Robowealth customers have benefitted largely from the investment diversification to global markets during the COVID-19 lockdown.
“Many tech stocks have greatly benefitted from the lock-down and the pandemic also encourages more people worldwide to quickly adapt to the digital platform which is the long-term benefit for wealth tech businesses,” he said.
“Finding effective investment channels is still considered a big challenge for those who have a little cash surplus. Therefore, the core principle of Robowealth is to co-create the financial ecosystem, which enables Thais to start investing with minimal funds through convenient, user-friendly, and reliable channels regardless of the service ownership,” Khemarattana shared.
