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Magnum Research (AQUMON) raised US$30 million as the year’s largest funding deal for Asian digital wealth management

Magnum Research Limited, the developer behind the digital wealth management platform AQUMON, recently completed a follow-on Series Pre-B round this October, raising US$30 million (HK$233 million). It was the largest funding deal in the Asian digital wealth management space in 2020 and underlines investor confidence in the start-up’s potential in this burgeoning industry.

 

Joining this round was a roll call of prominent investors, including Cyberport Macro Fund, Alibaba Hong Kong Entrepreneurs Fund (which was making its fourth round of follow-on investment since 2017), Zheng He Capital Management, Lenovo Capital, and Wing Lung Family Office.

 

WealthTechs such as robo-advisors have been steadily growing for some time. According to market data, assets under management in the global WealthTech market hit US$1.5 trillion in 2019 and are expected to top US$6 trillion by 2023. As a leading solutions provider in the institutional space, AQUMON has partnered with more than 70 financial institutions across the region, covering more than 10 million end users.

 

In addition to having more than 100,000 app downloads, AQUMON’s robust four-year track record and consistent positive returns achieved for clients, along with its financial expertise and AI prowess to provide sophisticated investment advice cost-effectively, transparently, and accessibly to financial institutions and retail investors – are all reasons that the start-up won and kept the investors’ trust.

 

What’s more, despite the economic downturn, global uncertainty, and all the hubbub of 2020, AQUMON saw the business grow three times on the year in key metrics such as app downloads, account openings, and fund injections.

 

The newly expanded war chest will enable AQUMON to fortify its lead in digital wealth management in the Greater Bay Area, boost R&D spending in software engineering and AI investment research, enlarge its product offerings to thematic stock portfolios and alpha-seeking investment strategies, and expand its robo-advisory services to other Asian markets.

 

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