StashAway, a Singapore based financial advisor operator, has announced the completion of a US$ 16M Series C fundraising round.
The Series C round was led by Square Peg, the largest venture capital fund in Australia. Burda Principal Investments, the growth capital arm of Germany based media and tech company Hubert Burda Media, along with existing investor Eight Roads Ventures, the global investment firm backed by Fidelity, also participated in the round.
Founded in 2016, StashAway, a digital wealth management start-up headquartered in Singapore. It provides financial services including personalised investment and cash management portfolios for retail and accredited investors. StashAway is an intelligent wealth management platform. It is designed to build and protect its customer’s wealth, whether it’s US$ 1000 or US$ 10M. The funds are extremely secure as they are licensed by the MAS, secure the funds of the customers in a separate account, maintain a secure server infrastructure, conduct two-factor authentication at every important step.
Currently operating in Singapore and Malaysia, StashAway is planning to broaden its footprint across Southeast Asia through the new funding. The startup has a team of 85 people and has seen assets under management grow 4.3X over the last year.
Previously, StashAway raised US$ 12M in its Series B round in July 2019. Since StashAway’s last fundraising round, StashAway has launched the Income Portfolio in Singapore and StashAway SimpleTM in Singapore and Malaysia.
Statements by StashAway
Michele Ferrario, co-founder and CEO of StashAway said, “This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to SGD 50.7M. This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry.”
In addition, Tushar Roy, a partner at Square Peg, will join StashAway’s Board of Directors. Tushar brings with him more than 20 years of professional experience investing and consulting across industries and geographies. Previously, Roy has led investments made by Square Peg in several other Singapore-based companies including FinAccel, Chope, and Doctor Anywhere.