AQUMON developer Magnum Research raises USD 30 million

By Edil Corneille

Magnum Research, the developer of digital wealth management platform AQUMON, has completed its follow-on Series Pre-B round of funding in October 2020. This latest round of fundraising attracted Zheng He Capital Management, Lenovo Capital, Alibaba Hong Kong Entrepreneurs Fund, Wing Lung Family Office, and government-backed Cyberport as investors, bringing the total round size to USD 30 million (HKD 233 million).

Magnum Research’s Robo Advisor app AQUMON has shown over 300 per cent growth from the same period in 2019, in key metrics such as app downloads, account openings, and fund injections.

AQUMON’s current clients include CMB Wing Lung Bank, AIA Hong Kong, Bank of China International, Guangzhou Rural Commercial Bank, China Resources Bank, and ChinaAMC.

The proceeds from the funding are going to be focused on the following areas:

• Fortify its position as a digital wealth management brand in the Greater Bay area.
• Increase R&D spending, especially on software engineering and AI investment research.
• Enlarge its product offerings to thematic stock portfolios and alpha seeking investment strategies.

Magnum Research foresees that assets that are digitally managed will rise soon from less than a per cent currently to about 5 per cent within Asia’s USD 20 trillion wealth management market. Eddie Law, Managing Director of Zheng He Capital apprised, “We are looking for a platform to provide every middle class investor a well trusted and reliable Robotic Financial Advisor, and I believe AQUMON is the one.”

Technology powered platforms allow AQUMON to serve clients at minimal marginal cost, making it possible to service clients who were neglected by industry incumbents.

Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund (AEF) enthused, “AEF is pleased to see the continuous growth of Magnum Research. We recognize their business performance in the wealth management space by making our fourth round of follow-on investment, and look forward to seeing them in a leading position in FinTech sector. With our dedicated support to startups, we hope to keep contributing to the FinTech industry and the startup community in Hong Kong.”

“AQUMON’s progress in the past five years have attested to the growth of the FinTech industry in Hong Kong,” Kelvin Lei, CEO, AQUMON enunciated. “We are based in Hong Kong and will continue to expand to other Asian countries, where we hope to launch our Robo Advisory services.”

CEO of Lenovo Capital George elucidated, “Combining its financial expertise and AI techniques, AQUMON is poised to propel the industry into a new phase of automation and democratization.” He stated, “We are extremely optimistic about the future of AQUMON and will provide technical and human capital resources from the Lenovo Group to assist AQUMON in fulfilling its mission.”