Magnum Research, a developer of digital wealth management platform AQUMON, has closed a follow-on Series Pre-B funding round at $30m.
The current investment round marks the largest funding deal in the Asian digital wealth management space in 2020, said the company.
Investors including Zheng He Capital Management, Lenovo Capital, Alibaba Hong Kong Entrepreneurs Fund, Wing Lung Family Office, and government backed Cyberport participated in the funding round.
Zheng He Capital managing director Eddie Law said: “We are looking for a platform to provide every middle class investor a well trusted and reliable Robotic Financial Advisor, and I believe AQUMON is the one”
Alibaba Hong Kong Entrepreneurs Fund (AEF) executive director Cindy Chow said: “AEF is pleased to see the continuous growth of Magnum Research.
“We recognize their business performance in the wealth management space by making our fourth round of follow-on investment, and look forward to seeing them in a leading position in FinTech sector.
“With our dedicated support to startups, we hope to keep contributing to the FinTech industry and the startup community in Hong Kong.”
AQUMON is a Robo Advisor app offered by Magnum Research
Magnum Research claimed that its Robo Advisor app AQUMON has shown more than 300% growth in key metrics including App downloads, account openings, and fund injections, during the Covid-19 pandemic.
According to the company, the digital nature of the app and the transparency of investment methodology have led to the growth of AQUMON during the period of uncertainty.
Currently, AQUMON is serving clients including CMB Wing Lung Bank, AIA Hong Kong, Bank of China International, Guangzhou Rural Commercial Bank, China Resources Bank, and ChinaAMC.
Magnum Research estimates that digitally managed assets would rapidly rise from the current less than 1% to nearly 5% within Asia’s $20 trillion wealth management market.
AQUMON CEO Kelvin Lei said: “AQUMON’s progress in the past five years have attested to the growth of the FinTech industry in Hong Kong. We are based in Hong Kong and will continue to expand to other Asian countries, where we hope to launch our Robo Advisory services.”
