The Business Times
business-time-50
SUBSCRIBERS

SG fintech firm Bambu shuts down after missing profit targets, says founder

google-preferred-sourceAdd BT as a preferred source
    • Bambu, which enables financial institutions to offer robo-advisory products, ultimately fell short.
    • Bambu, which enables financial institutions to offer robo-advisory products, ultimately fell short. PHOTO: BAMBU

    Miguel Cordon

    Published Tue, Apr 23, 2024 · 09:37 AM

    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”.

    FintechStartupsrobo-advisorsTech in Asia

    TRENDING NOW

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    Assets under management of physical gold holdings in DBS wealth clients’ portfolios more than doubled over the past three years.

    DBS to launch tokenised physical gold for retail customers in Singapore

    As with past tranches, the S$500 will be split equally between participating heartland merchants and hawkers, and participating supermarkets.

    S$500 CDC vouchers for all Singaporean households from June 11; Government ready to do more if needed: DPM Gan

    MenToo’s launch at Timbre+ One North brought together 12 men’s groups to discuss men’s mental health and masculinity in Singapore.

    Singapore men, are you OK?

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More