SG fintech firm Bambu shuts down after missing profit targets, says founder
Add BT as a preferred source
ON DEC 31 last year, Singapore-based fintech startup Bambu had shut down. This is hardly unusual: Startups shut down all the time, especially in an economic downturn – except the company was moving closer to profitability earlier in the year.
“We had large clients and we were getting there,” Ned Phillips, founder and CEO of the B2B fintech firm, told Tech in Asia in an interview.
A source close to the company told Tech in Asia that an investor “pulled the rug because the market was down and the burn was not reducing enough”.
TRENDING NOW
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Taiwan’s wealthy seeks diversification to Singapore, sparking private banking race: Bloomberg
Serenity Park condo owners lower asking price to S$440 million in second shot at collective sale
SGX to roll out post-trade custody model, changes to bid mechanics in July, cut board lots in October
