Seedbox Technologies Inc. (Seedbox), a wealth management platform providing access to investment products for all Filipinos, raised $6 million investment by new investors SBI Ventures Singapore Pte. Ltd. (SBI Ventures) and Philippine Equity Partners Inc. (PEP).
Seedbox was established in 2016 as a joint venture between the ATRAM group, an independent asset and wealth management company in the Philippines, and the Indivara group, an IT and software company based in Indonesia.
Rex Mendoza, founder and CEO of Rampver Financials, an independent mutual fund distributor in the Philippines, is also an investor and director of the firm.
The company saw active user growth of over one million and exceeded the number of online stock trading accounts in the country. Through its collaboration with GCash and ATRAM, Seedbox pioneered digital sachet investing, where new investors can invest in funds for as low as P50. Seedbox also was responsible for digitizing the Personal Equity Retirement Account (PERA), the country’s voluntary pension system, which connects investors with administrators and product providers.
In a joint statement by the new investors, Yujin Otsuka, Chief Representative of SBI Holdings Inc. Representative Office (Philippines), and Lorenzo Roxas, Managing Director of PEP, said:
“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. 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.
Mike Ferrer, CEO of ATRAM Group, Jusuf Sjarrifudin, CEO of Indivara and Rex Mendoza, founder and CEO of Rampver, said: “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.”