Philippine-based wealth management platform Seedbox Technologies announced that it raised $6 million in its latest funding round backed by SBI Ventures and Philippine Equity Partners.
The new funding will support Seedbox’s rapid growth and allow the company to scale its operations with investments in upgrading its technology platform, enhancing its product suite, and expanding its team, according to the announcement.
Seedbox, which claims to provide access to investment products for all Filipinos, 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.
The startup is the country’s first digital investments platform empowering all Filipinos to become investors at a click of a button. Rex Mendoza, founder and CEO of Rampver Financials, the biggest independent mutual fund distributor in the Philippines, is also an investor and director of the firm.
The fundraising follows a strong period of growth for the company, 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 PHP50.
Seedbox also was responsible for digitizing 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.
In a joint statement by the new investors, Yujin Otsuka, Chief Representative of SBI Holdings Inc. Representative Office (Philippines), and Lorenzo Roxas, Managing Director of PEP, said:
“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,” Yujin Otsuka, Chief Representative of SBI Holdings, and Lorenzo Roxas, Managing Director of PEP, said in a joint statement.