The robo-advisor has received an injection to fund additional international expansion and aggressive product development.
Stashaway, a data-driven digital wealth management platform that offers investment and cash management portfolios for both retail and accredited investors, has secured $16 million in a Series C funding round led by Australian venture capital firm Square Peg, it announced on Monday.
Launched in 2017, the Singapore-based startup aims to accelerate product development to both broaden and deepen our wealth management offering for clients in Singapore and Malaysia, as well as support new market entry, Stashaway co-founder and CEO Michele Ferrario said in the announcement.
Burda Principal Investments, the growth capital arm of German media and tech company Hubert Burda Media, as well as existing investor Eight Roads Ventures also participated in the round. Square Peg partner Tushar Roy will join StashAway’s board of directors. Tushar previously led Square Peg investments in Singapore-based companies such as FinAccel, Chope, and Doctor Anywhere.
Further Growth
Since its Series B fundraising round in 2019, Stashaway has launched the Income Portfolio in Singapore and cash management solution Stashaway Simple in Singapore and Malaysia.
In June, ex-Morgan Stanley regional COO Sim Hwee Hoon, previously a member of StashAway’s Advisory Committee, has joined the robo-advisor's board of directors.
Stashaway in March said it has been expanding its client base – now over 100,000 users – and is «well-positioned for further growth in Asia.»
