Wealth management firm Seedbox Technologies, Inc. (Seedbox) on Wednesday bared receiving fresh funds worth $6 million from new Singaporean and Filipino investors.
The added funds will allow the business to expand its services and offer more products for Filipinos whose investment needs have risen since the business began six years ago.
The new investors include SBI Ventures PTE LTD and Philippine Equity Partners Inc. (PEP).
Yugin Otsuka, SBI Holdings chief representative in the Philippines, and Lorenzo Roxas, managing director at PEP, issued a joint statement saying: “Seedbox has built an impressive ecosystem of product providers and online distribution channels over the years. We are excited to participate in the growth of the market for investment products in the Philippines. Aside from capital, we will be able to provide key insights and technical resources that will help accelerate the growth of Seedbox.”
Seedbox is the country’s first digital investments platform allowing Filipinos to become investors at a click of a button.
Seedbox was established in 2016 as a joint venture between the ATRAM group, the leading independent asset and wealth management company in the Philippines, and the Indivara group, a leading IT & software company based in Indonesia.
Rex Mendoza, founder and CEO of Rampver Financials, the biggest independent mutual fund distributor in the Philippines, is also an investor and director.
The fundraising follows a strong period of growth which saw active users reach over 1 million and exceed the number of online stock trading accounts in the country.
Through its collaboration with GCash and ATRAM, Seedbox pioneered digital sachet investing, where new investors can invest in funds for as low as P50.
Seedbox also helped digitized the Personal Equity Retirement Account (PERA), the country’s voluntary pension system, which connects investors with administrators and product providers.
PERA has seen the number of personal retirement accounts double after a year since the introduction of the Seedbox PERA digital platform.