Smartly
A robo-advisor that provided a digital wealth management platform to retail investors.
Description
Smartly was a Singapore based financial technology company building a new-generation robo-advisor platform.
Legal Name
Smartly, Inc.
Former Legal Name(s)
-
Company Reputation
-
Entity Type
Private limited company
Ownership Status
-
Operational Status
Inactive
Founded Date
4 Dec 2015
Operational Duration
5 years
Shutdown Date
2020
Last Financing Round
Seed Round
Total Raised
-
Last Financing Date
1 Sep 2016
No. of Funding Round(s)
1
No. of Investor(s)
2
No. of Employees
10 - 50
Total Revenue
-
Post-money Valuation
-
Market Capitalization
-
Stage of Development
Validation
Transactional Model Type
B2C
Defensibility Moats
Willingness to experiment,
City
Singapore
State/Province
Central Region
Country
Singapore
Industry
Financial Services
Categories
Automation, Investment Advisory, Finance, FinTech,
- Strong Competition
- As stated by Techinasia, the high competition in the Robo-advisory space led the startup to cease its operation.
- The company announced in a message on its company website that it would shut down due to intense competition in the space and ensuring high service standards on the platform was challenging.
- This was because new fintech entered the digital investment advisory space, such as, StashAway, AutoWealth, Kristal, and Grab acquired Bento Invest to enter to Robo-advisory realm.
- Furthermore, Singapore based StashAway and Kristal, Smartly's rival, had received funds and raised $12 million and 6 million in their latest round.
- Traditional banks also joined the retail wealth management space, such as Oversea-Chinese Banking Corporation (OCBC) with OCBC RoboInvest and DBS bank with digiPortfolio.
- Additionally, Gojek's financial arm Go-Pay formed a partnership with the Indonesian mutual fund investment app Bibit.id.
- Also, according to Deal Street Asia, California-based Acorn has shown interest in operating in Southeast Asia.
- At first, the startup considered making improvements on their platform, but their parent company VinaCapital Group who acquired Smartly has made the strategic decision to shut down the operation.
Smartly shuts down due to intense competition
Note: Direct competitors are defined by similarity score of more than 40%, while similar companies are defined by similarity score of less than 40%
| No. | Image | Name | Similarity score | Description | Industry | Categories | Location | Ownership status | Entity type | Stage of development | Transactional model type | Defensibility moats | Last financing round | Total raised | Post-money valuation | Last financing date | No. of funding round(s) | No. of investors | Investors | Total revenue | Market capitalization | No. of investments | No. of acquisitions | No. of board seats taken | Competition | Management | No. of employees | Company reputation | Contact info | Operational status | Operational duration | Shutdown date | Founded date | Legal name | Former legal name(s) | Ticker |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |  | Loot | 24.8% | A banking and money management app for students. | Financial Services | FinTech, Payments, Finance, Personal Finance, Applications | United Kingdom | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10-50 | - | - | Inactive | - | - | 2014 | - | - | - |
2. |  | LoanMeet | 12.8% | A Peer To Peer P2P lending marketplace. | Financial Services | P2P, Personal Finance, Finance | India | - | - | - | - | - | Seed | - | - | - | - | - | - | - | - | - | - | - | - | - | 1-10 | - | - | Inactive | - | - | 2015 | - | - | - |
3. |  | Wesabe | 12.2% | Personal finance management website designed to help users manage their daily finance. | Financial Services | Finance, Personal Finance, FinTech | United States | - | - | - | - | - | Early Stage | - | - | - | - | - | - | - | - | - | - | - | - | - | 10-50 | - | - | Inactive | - | - | 2005 | - | - | - |
4. |  | HSBC Brunei | 10.9% | A subsidiary of the global banking corporation HSBC Group. | Financial Services | Banking, Finance, Commercial, Credit Card Related | Brunei Darussalam | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 250-500 | - | - | Inactive | - | - | 1947 | - | - | - |
5. |  | Fo-Sho | 10.1% | Peer-to-peer insurtech. | Financial Services | FinTech, Technology, Startup, P2P | South Africa | - | - | - | - | - | Seed | - | - | - | - | - | - | - | - | - | - | - | - | - | 1-10 | - | - | Inactive | - | - | 2015 | - | - | - |
6. |  | Comunitae | 9.9% | The pioneer platform to offer individuals a new way to save more profitably than traditional financial products. | Financial Services | P2P, FinTech, Finance | Spain | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1-10 | - | - | Inactive | - | - | 2008 | - | - | - |
7. |  | Wonga | 8.5% | An online payday lender that offered short-term personal cash loans to UK consumers. | Financial Services | Finance, Financial Services, FinTech, Risk Management | United Kingdom | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 501-1000 | - | - | Inactive | - | - | 2006 | - | - | - |
8. |  | 37Coins | 6.4% | A startup that provided SMS bitcoin wallet service for unbanked and unteched in developing economies without internet access. | Financial Services | Banking, Bitcoin, Finance | United States | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1-10 | - | - | Inactive | - | - | 2014 | - | - | - |
9. |  | Aditya Birla Payments Bank Limited (ABPB) | 6.0% | A payments bank. | Financial Services | Banking, Finance, Payments | India | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 250-500 | - | - | Inactive | - | - | 2016 | - | - | - |
10. |  | Finomena | 4.7% | A FinTech startup providing young working professionals access to credit to buy gadgets and electronics. | Financial Services | Finance, Professional Services, FinTech | India | - | - | - | - | - | Seed | - | - | - | - | - | - | - | - | - | - | - | - | - | 10-50 | - | - | Inactive | - | - | 2015 | - | - | - |
11. |  | Puddle | 3.6% | An online lender that provided micro-credit in a peer-to-peer platform. | Financial Services | Social Media, Finance, Internet | United States | - | - | - | - | - | Seed | - | - | - | - | - | - | - | - | - | - | - | - | - | 10-50 | - | - | Inactive | - | - | 2012 | - | - | - |
| No. | Image | Name | Investor type | Description | Location | Preferred investment stage(s) | Stages invested in | Assets under management (AUM) | Investment range | Investment sweet spot | Preferred investment focus | Preferred investment geography | No. of investments | No. of lead investments | No. of follow-on investments | No. of co-investments | Portfolio companies | No. of exits | Total exit value | No. of failed investments | Loss on investments | No. of acquisitions | No. of board seats taken | No. of funds | Limited partners | Co-investors | No. of partners | Partners | No. of employees | Management | Board members | Founders | Investor reputation | Contact info | Entity type | Legal name | Former legal name(s) | Founded date | Ticker |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |  | Expara Thailand | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2. | | NEXEA - Venture Capital & Accelerator Malaysia + Southeast Asia | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| No. | Image | Name | Previous designation | Previous company | Previous biography | Previous profile type | Previous location | Experience | Education | Reputation | Current company | Current designation | Current biography | Current profile type | Current location | No. of investments | No. of exits | Total exit value | No. of board seats taken | Contact info |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |  | Keir Veskivali | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2. |  | Artur Luhaaar | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
3. |  | Kentwell Kwok | Head of Sales & Marketing, Co-Founder | - | - | - | - | - | - | - | Smartly | - | - | - | - | - | - | - | - | - |
| No. | Financing date | Financing round | Total amount raised | Post-money valuation | Financial viability | Fundraising target amount | Remaining target amount | Financing type | No. of investors | Board seats | Lead investors | Entity type | Financing status |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. | 1 Sep 2016 | Seed Round | - | - | - | - | - | - | 2 | - | - | - | - |
