SEEDBOX Technologies Inc. (Seedbox) announced last Wednesday it received a $6-million investment by new investors SBI Ventures Singapore Pte. Ltd. (SBI Ventures) and Philippine Equity Partners Inc. (PEP).
Seedbox is a joint venture between the independent asset and wealth management Atram group and the Indonesian-based software company PT Indivara.
Rex Ma. A. Mendoza, founder and CEO of Rampver Financials and Insurance Agency Inc., the biggest independent mutual fund distributor in the Philippines, is also an investor and director of the firm.
Before the fundraising, Seedbox experienced a strong period of growth, which saw active users reach over 1 million and exceed the number of online stock trading accounts in the country. Through its collaboration with Globe Fintech Innovations Inc. and Atram, Seedbox pioneered digital sachet investing, where new investors can invest in funds for as low as P50.
Seedbox was also responsible for digitizing the Personal Equity Retirement Account (PERA), the country’s voluntary pension system, which connects investors with administrators and product providers. The PERA has seen the number of personal retirement accounts double after a year since the introduction of the Seedbox PERA digital platform.
A joint statement by the new investors quoted SBI Holdings Inc. Representative Office (Philippines) Chief Representative Yujin Otsuka and PEP Managing Director Lorenzo T. Roxas as saying that “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,” Otsuka and Roxas were quoted in the statement. “Aside from capital, we will be able to provide key insights and technical resources that will help accelerate the growth of Seedbox.”
The new funding will support Seedbox’s rapid growth and allow the company to scale its operations with investments in upgrading its technology platform, enhancing its product suite and expanding its team.
Mendoza, Atram Group CEO Michael V. Ferrer and PT Indivara CEO Jusuf Sjarrifudin concur that “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,” Mendoza told the BusinessMirror.