The company has raised $25 million in a Series D funding round led by Sequoia Capital India, with participation from existing backers Eight Roads, Fidelity International's VC arm, and Square Peg.
Stashaway will accelerate investment product and feature development across its five markets with an injection of new funds, the Singapore-based digital wealth manager announced on Tuesday.
The company will also offer to buy back up to $3 million in stock options from its employees and plans to expand its engineering team in Singapore and abroad as its continues its expansion to new markets, the announcement said.
Leading Wealth Manager
Stashaway is a digital wealth management platform that offers investment and cash management portfolios for both retail and accredited investors. Since its July 2017 launch, its portfolios have generated annualized returns of 3.5–15.9 percent in SGD terms, depending on the customer's risk profile.
In January, Stashaway became the first digital wealth manager in Southeast Asia to manage more than $1 billion.
Earlier this month, the platform announced its roll-out in Hong Kong and the appointment of Stephanie Leung, who joined the company almost a year ago, to lead its activities there. It also operates in Singapore, Malaysia, and the U.A.E.
New Board Member
The platform will also have a new board member, with Abheek Anand, managing director, Sequoia India, joining as part of the funding round. He brings has more than 20 years of experience in consumer tech, financial services and deep tech sectors across the U.S., Southeast Asia and India.
«Stashaway is growing rapidly as it fulfils an obvious gap in the digital wealth management space, especially in areas where its competitors may be lacking: an easy-to-use platform, robust client relationships, and a very sophisticated investing framework,» Anand said.
