- Bambu’s wealthtech dream fizzled as profitability eluded startup.
- Soaring rates torpedoed scaling plans despite funding.
- Tech legacy lives on, founder undeterred after shutdown.
Singapore-based fintech firm Bambu’s wealthtech ambitions came crashing down on December 31, 2023, as the startup shuttered operations after missing profitability targets.
Founder and CEO Ned Phillips admitted the harsh reality: “We couldn’t get there in the timeline.”
Macro maelstrom sinks scaling plans
Despite raising a whopping $13.4 million from esteemed investors like Franklin Templeton Investments and Wavemaker Partners, Bambu found itself entangled in a perfect storm of economic headwinds.
Soaring interest rates torpedoed the firm’s plans to secure more enterprise deals, derailing its path to profitability.
Tech legacy lives on, founder undeterred
One insider bemoaned the wasted potential, lamenting, “Bambu could have been a huge success in wealthtech – a global leader.”
While the startup excelled in sales, operational hiccups ultimately sealed its fate, compounded by the cooling robo-advisory sector. Though Bambu’s liquidation is ongoing, Phillips remains optimistic, revealing the firm’s tech found buyers safeguarding customer interests.
As for the founder himself, consulting gigs beckons, armed with invaluable branding and sales expertise from this wealthtech rollercoaster ride: “We’ve got some great tech that lives on. We are super proud of what we did.”
To read the original article: https://www.techinasia.com/sg-roboadvisory-firm-closed-2023end-missing-profitability-target-founder
