South of Metro | Seedbox raises USD6 million from new investors SBI VENTURES and PEP to democratize investing for Filipinos worldwide | 30 March 2022 | MANILA, Philippines – Seedbox Technologies, Inc. (Seedbox), a leading wealth management platform providing access to investment products for all Filipinos, today announced a USD6 million investment by new investors SBI VENTURES SINGAPORE PTE. LTD. (SBI VENTURES) and Philippine Equity Partners, Inc. (PEP).
Seedbox is the Philippines’ first digital investments platform empowering all Filipinos to become investors at a click of a button. Seedbox was established in 2016 as a joint venture between the ATRAM group, the leading independent asset and wealth management company in the Philippines, and the Indivara group, a leading IT & software company based in Indonesia. Rex Mendoza, founder and CEO of Rampver Financials, the biggest independent mutual fund distributor in the Philippines, is also an investor and director of the firm.
The fundraising follows a strong period of growth for the company, which saw active users reach over 1 million and exceed 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 PHP50. 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. PERA has seen the number of personal retirement accounts double after a year since the introduction of the Seedbox PERA digital platform.
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, stated: “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.”
Seedbox (seedbox.ph) is the first fully digital platform for investments products in the Philippines. Seedbox was established in 2016 with the mission to democratize investment through technology. Through its ecosystem of product providers and digital channels, Filipinos are now able to invest easily in mutual funds, UITFs and PERA pension products.
Seedbox is a joint venture between the ATRAM group, the leading independent asset and wealth management company in the Philippines, and the Indivara group, a leading IT & software company based in Indonesia. Rex Mendoza, founder and CEO of Rampver Financials, the biggest independent mutual fund distributor in the Philippines, is also a later stage investor and director of the firm.
About SBI VENTURES
SBI VENTURES is a member of the SBI Holdings group (sbigroup.co.jp/english) a diversified financial services group headquartered in Japan. Founded in 1999, SBI has become one of the world’s most comprehensive financial groups: supported by growth of “financial deregulation” and the “Internet Revolution”, it has created a unique financial ecosystem centering on securities, banking and insurance. The SBI Group has also concentrated in both domestic and overseas investments of the next generation growing industries while investing aggressively in developing countries in Asia, as well as taking part in incubating new startup companies.
PEP (pep.com.ph) is a leading stock brokerage firm in the Philippines serving both domestic and foreign clients. It commenced commercial operations on October 2001 and is engaged in trade execution and co-branded research for BofA Securities. PEP is a member of the Philippine Stock Exchange (PSE) and has consistently ranked among the largest in turnover among independent and locally-owned brokerage houses.