StashAway founders
Singapore-based StashAway, a digital wealth manager for both retail and accredited investors, has closed a US$16 million in Series C funding round, led by Australian VC firm Square Peg.
Burda Principal Investments (the growth capital arm of German media and tech company Hubert Burda Media) and existing investor Eight Roads Ventures also participated.
This takes StashAway’s total funding raised to date to US$36.4 million. This includes a US$12 million Series B round in July 2019, led by Eight Roads.
Also Read: ‘It’s gonna be an economic apocalypse but some industries are here to stay’: warns William Bao Bean
“This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to MYR 153.8 million (US$36.2 million). 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,” said Michele Ferrario, Co-founder and CEO of StashAway.
StashAway was founded in 2016 and operates in Malaysia, besides Singapore. The company offers investment and cash management portfolios for both retail and accredited investors. It delivers automated, personalised portfolio management for each client’s individual portfolios.
The firm offers global growth-oriented investment portfolios targeting different levels of risk — yield-focused Income Portfolio, and straightforward cash management solution StashAway Simple.
StashAway claims its portfolios have generated annualised returns ranging from 11.1 per cent for its highest risk portfolio and 4.3 per cent for its lowest risk portfolio since its launched in July 2017.
Currently, StashAway employs 85 people across five countries.
Also Read: Fostering a dynamic business culture through digital change
According to Raj Dugar, Managing Partner (India & Southeast Asia) at Eight Roads, “The strong customer value proposition and StashAway’s stellar execution has been demonstrated by its rapid growth. Its AUM has grown over 4.3X in the last year alone in an extremely volatile market.”
—
Image Credit: StashAway
The post Digital wealth management startup StashAway raises US$16M Series C led by Square Peg appeared first on e27.