Seedbox Raises $6 Million In a Funding Round Led By SBI Ventures and Philippine Equity Partners
Funds will be utilized to support Seedbox's rapid growth and allow the company to scale its operations with investments in upgrading its technology platform, enhance its product suite and expand its team
Wealth management platform, Seedbox, on Wednesday announced to have raised $6 million in a funding round led by SBI Ventures and Philippine Equity Partners. Funds will be utilized to support Seedbox’s rapid growth and allow the company to scale its operations with investments in upgrading its technology platform, enhance its product suite, and expand its team.
“The shareholders and management team of Seedbox welcome the entry of SBI and PEP, leading firms in their respective fields, as our new partners. With their expertise and experience across the region, SBI and PEP will be able to contribute greatly to Seedbox’s ability to meet Filipino investors’ growing needs for new investment products and access points,” said Mike Ferrer, CEO of ATRAM Group, Jusuf Sjarrifudin, CEO of Indivara and Rex Mendoza, founder and CEO of Rampver in a joint statement.
According to a report by Bain and Co. in collaboration with Google and Temasek, the digital payments market will exceed the value of $1 trillion by 2025. The digital financial services is expected to generate revenue of approximately $38 billion and account for 11 per cent of the total financial services industry.
“Seedbox has built an impressive ecosystem of product providers and online distribution channels over the years. We are excited to participate in the growth of the market for investment products in the Philippines. Aside from capital, we will be able to provide key insights and technical resources that will help accelerate the growth of Seedbox,” said Yujin Otsuka, Chief Representative of SBI Holdings Representative Office and Lorenzo Roxas, managing director, in a joint statement
Seedbox is the Philippines’ first digital investments platform empowering all Filipinos to become investors at a click of a button. Seedbox was established in 2016 as a joint venture between the ATRAM group, the leading independent asset and wealth management company in the Philippines, and the Indivara group, a leading IT & software company based in Indonesia. Seedbox was responsible for digitizing the Personal Equity Retirement Account (PERA), the country’s voluntary pension system, which connects investors with administrators and product providers. PERA has seen the number of personal retirement accounts double after a year since the introduction of the Seedbox PERA digital platform.