Lessons from Bambu | Ned Phillips | DigFin VOX Ep. 79

Bambu, a Singapore-based B2B wealthtech company, has shut its doors after eight years of business.

Co-founder Ned Phillips speaks with DigFin‘s Jame DiBiasio about lessons for fintechs of all types, as well as for the financial institutions that partner with them.

Ned talks about Bambu’s premise and its successes. He details the commercial decisions that made it difficult for the company to turn a profit. He gives advice to upcoming founders about product, pricing, and how to deal with FIs. He also advises FIs on ways they can support fintechs, because they need a healthy environment to use those services.

It’s rare in Asia for people to be willing to discuss a failed business; this region doesn’t have the same attitude as in Silicon Valley. Ned does the region’s startup industry a huge service by sharing his experience.

• Timecodes:
• 0:00 – Ned Phillips
• 1:53 – Bambu’s mission as a B2B wealthtech in Asia and how it served financial institutions
• 6:42 – Why Bambu didn’t become profitable; product; customization
• 10:24 – The role of VC funding
• 12:24 – The state of wealthtech in Asia today
• 14:25 – Ned’s advice to new fintech founders
• 18:22 – How banks and asset managers can support their fintech partners
• 22:05 – Ned’s outlook and what’s next for him and his former colleagues
• 25:57 – If Ned were to start a new fintech business today, what would it be?