Wealth start-up wins funding

Hong Kong-based Quantifeed, a digital wealth service start-up, aims to grow its business by 10 times in the next five years after securing a Series C funding round led by HSBC Asset Management's alternative investments business.

HSBC AM is joined by Japan-based private equity firm Daiwa PI Partners and shareholders, including global asset manager Franklin Templeton and global investment firm LUN Partners Group.

The fintech platform provides digital wealth management solutions for financial institutions including China Citic Bank International (0998) and Everbright Securities International in Hong Kong.

The company will use the funds to expand its business, mainly targeting the private banking and high-net-worth markets, enabling institutions to provide investment services to customers, says Alex Ypsilanti, chief executive of the company.

Capital market volatility amid the epidemic has boosted the company's business, as their clients are advising consumers through Quantifeed's digital financial tools, Ypsilanti said.