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17 Jul 2020
Co-founder at Seedly
I can actually give some insight into this, because we had a recent Robo-Wars episode with 5 CEOs of the robo-advisor comapnies locally. I've found the exact timestamp for you here.
I asked the question quite blatantly: "What happened to Smartly"
To summarise this is what happened:
Smartly got sold to VCG parnters (vietnam private equity company)
Not able to become profitable company
Closed down because not viable any more
If you were a customer of Smartly you would have gotten an email to move your funds over to Stashaway and get a discount
Customers were forced to liquidate their holdings and sell at their positions (because it was too small and didn't make sense to move over)
And therefore re-invest in a new robo-advisor if they want to (many liquidated at a loss)
Size does matter in this Robo advisor business
Need to ensure that your robo advisor platform has enough funds to survive through whatever downturn
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