Quantifeed eyes Australian expansion with $13.5m raising
The fintech is looking to expand its B2B robo-advice business in Australia as a part of a $13.5 million venture capital raising announced today.
The series B funding was led by Taiwanese giant Cathay Financial Holdings, with participation from US-based asset manager Legg Mason, and will go towards Australia and Asia Pacific growth.
“We will be growing the Australian team over the next six to 12 months and also open an office [on an undisclosed timeline],” Quantifeed co-founder and chief executive Alex Ypsilanti told Financial Standard.
The five-year-old fintech has now raised a total of $24 million. This includes today’s $13.5 million, a series A funding of $6 million in 2016 and prior seed capital.
It currently has one client in Australia, an online securities broker, Quantifeed Australia head of strategic partnerships Graeme Brant said.
“They were actually the first client of the business and we have had them for about three years,” Brant said.
The local team includes a senior quantitative strategist in Melbourne, and a team of six in Sydney which is led by a professional with experience in developing compliant trading platforms for cash, equities and derivatives.
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