Bambu has added to its potential for growth with the acquisition of Tradesocio. The digital wealth technology provider currently provides a range of different wealth technology platforms for financial institutions across the globe. There are 20 different companies using the technology that it provides. Headquartered Singapore, Bambu also has subsidiaries in the UK and the USA.
Established in 2016, Bambu has 65 employees managing the AI and algorithm powered platform. The decision to acquire Tradesocio means that it has instantly doubled its workforce to a total of 130 employees.
Also based in Singapore, Tradesocio has offices in regions that Bambu does not currently operate in and thus increases the number of regions that the company covers.
As Bambu currently provides cloud-based robo advisors to traders, the acquisition will allow them to bring this service to a greater range of customers. Tradesocio already has its own clients in place, offering Bambu the opportunity to instantly get access to a much larger client base.
The digital wealth market is one of the fastest-growing markets worldwide, so this strategic move will ensure that both companies can benefit from the possible expansion. There is also the possibility of both companies being able to combine their technology, providing. This could provide a better service to users and increase the potential for growth in the long term. On top of this, Tradesocio will give Bambu access to crypto and stock as a product, which provides new markets to expand into.
Ned Phillips, Bambu’s CEO, had this to say:
After five years of building solid foundations, Bambu is now entering a phase of rapid growth. This deal helps us in three key areas: it expands our product offering into stocks and crypto, it gives us a wider global footprint and enables us to scale our team effectively to match exponential demand.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.