Robo-advisor AQUMON, developed by Magnum Research, announced that it has closed its Series Pre-B round of funding with a total investment of US$ 30 million (HKD 233 million).

AQUMON will use the funding to strengthen its brand awareness in the Greater Bay area and increase its R&D spending, especially on software engineering and AI investment research. In addition to that, the company also plans to expand its product offerings to thematic stock portfolios and alpha seeking investment strategies.

Fintech News had recently named AQUMON as one of the top 15 fintech startups from Hong Kong to watch out for in 2021.

This latest round of fundraising attracted investors Zheng He Capital Management, Lenovo Capital, Alibaba Hong Kong Entrepreneurs Fund, Wing Lung Family Office, and government-backed Cyberport.

Notably, the Alibaba Hong Kong Entrepreneurs Fund has participated in all previous four investment rounds after it led Magnum Research’s Series A in 2017.

Amid the pandemic, AQUMON is said to have shown more than 300% growth from the same period in 2019, in key metrics such as app downloads, account openings and fund injections.

AQUMON claims to have partnered with more than 70 financial institutions across the region, covering more than 10 million end-users.

Their current clients include CMB Wing Lung Bank, AIA Hong Kong, Bank of China International, Guangzhou Rural Commercial Bank, China Resources Bank, and ChinaAMC.

“AQUMON’s progress in the past five years have attested to the growth of the fintech industry in Hong Kong. We are based in Hong Kong and will continue to expand to other Asian countries, where we hope to launch our robo-advisory services,”

Kelvin Lei, CEO of AQUMON said.

Featured image: Kelvin Lei, CEO of AQUMON and Don (Yao Tung) Huang, Co-Founder at AQUMON, image via AQUMON’s Facebook Page