DriveWealth and Bambu join forces on robo-advisory tool
Two wealthtech companies from opposite sides of the globe have built upon their partnership. New Jersey-based DriveWealth and Singapore-based Bambu have collaborated on the launch of a white-label, robo-advisory platform for US wealth managers, reports Julie Muhn at Finovate.
While the two have worked together for the past three years on products for overseas markets, this is their first joint offering in the US.
The solution is the result of an integration between DriveWealth’s suite of wealth management APIs, which facilitate everything from customer onboarding to US stock market ordering and reporting; and Bambu’s robo-advisory software, which automates financial planning, saving, and investing for end consumers.
More simply, the new offering pairs DriveWealth’s fractional share technology with Bambu’s front-end user interface.
The new platform has three major components.
An advisor dashboard that provides an overview of client activities and alerts, and tracks invested capital and cash balances.
A CIO dashboard with portfolio-building capabilities that assist in simulating, creating, and rebalancing portfolios.
In addition, a client application that allows them to adjust investment goals, access investments, and perform investment analyses.
Founded in 2012, DriveWealth’s clients include MoneyLion, a lending and wealth management app, and Invstr, a UK-based stock trading application.
Earlier this year, DriveWealth closed a $21 million investment, bringing its total funding to $30 million.
Last month, Bambu raised $3 million in funding and earlier this year it expanded into London.
