StashAway raises US$12m led by Eight Roads Ventures
Funds will help its regional expansion, speed up product development efforts and improve startup's offerings with a view to expanding high net worth client base
Singapore
STASHAWAY, a robo-advisor that serves both retail and accredited investors, has raised US$12 million through a Series B round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International.
Other backers include Asia Capital & Advisors, a private equity firm led by banking veteran Francis Rozario. Asia Capital & Advisors had previously participated in StashAway's pre-Series A and Series A funding rounds in 2018.
Following the latest round, StashAway has now raised a total of US$20.4 million.
The startup operates a digital wealth management platform that offers automated and personalised portfolio management to each individual portfolio of its clients.
Funds raised will drive the firm's expansion into regional markets, while also speeding up product development efforts, StashAway said in a press statement.
The proceeds will also be used to improve the startup's offerings with a view to expanding its current and prospective high net worth and ultra high net worth client base.
Michele Ferrario, chief executive and co-founder of StashAway, said: "The financial backing from Eight Roads Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital & Advisors, will accelerate our investment product development for our clients in Singapore and Malaysia, while also supporting market expansion throughout the Asia-Pacific region and doubling down on financial education content development and distribution."
There are currently more than 80,000 users on the platform, and the top three industries represented in the user base are financial services, consulting and technology.
Raj Dugar, managing partner at Eight Roads Ventures, said: "The disjointed South-east Asian wealth management landscape offers great potential to low-cost digital investment managers. StashAway is a regional pioneer in this sector, and we are impressed by the management team's vision and execution."
"Their transparent pricing, robust investment methodology, and ease of use make for a compelling customer proposition. We look forward to supporting StashAway as it continues to improve the way individuals throughout the region manage their money and build wealth," he added.
Mr Rozario, who is chief executive officer and chairman for Asia Capital & Advisors, said: "Since launch, StashAway has proven not only to be at the forefront of advancing the investment experience, but has also shown, especially over the past year of significant market volatility, the resilience of the investment strategy and the team in dealing with market ups and downs.
"StashAway has emerged as a market leader for low-cost, sophisticated, institutional-level investing for retail and accredited investors alike. This has only served to further increase my confidence that the business can continue this trend in additional underserved markets in the region."
