The first robo-adviser to clinch a retail license in Singapore completed its latest financing round. The firm has its eyes on expanding outside the city-state.
Stashaway said it took in S$7.0 million in a Series A round of funding. The proceeds will be used to develop the investment service and technology, as well as to launch the robo adviser overseas into new markets and expand its reach to new customers.
«Our investors have a deep understanding of the wealth management market, and share our vision for how technology can deliver an improved and more cost-efficient approach to investing,» said Michele Ferrario, CEO and co-founder of StashAway.
Prominent Support
The firm was founded in 2016 by Ferrario, who was previously CEO of Zalora, former Nomura head of derivatives strategy Freddy Lim and tech entrepreneur Nino Ulsamer. Stashaway has raised S$11.1 million in three funding rounds so far.
Morgan Stanley's former CEO in Singapore, Sim Hwee Hoon, joined Stashaway's advisory committee last fall.
