StashAway, a robo-advisor for both retail and accredited investors, is raising US$25 million in its Series D funding round led by Sequoia Capital India.
Existing investors, including Eight Roads Ventures (the global investment firm backed by Fidelity International and early investor in Alibaba), and Australian VC firm Square Peg also participated in the round.
The transaction will close in the next few months pending necessary regulatory approvals.
This funding round, which brings StashAway’s total paid-up capital to US$61.4 million, will be used to accelerate its investment product and feature developments across its five markets.
The company will also offer to buy back up to US$3 million in stock options from its employees and expand its engineering team in Singapore and abroad.
Abheek Anand, Managing Director, Sequoia India, will be joining StashAway’s Board of Directors as part of the funding round, pending regulatory approvals.
“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. StashAway has built trust with its client base by navigating them through market volatility while providing strong returns,” Anand said.
StashAway was founded in 2016 by Ferrario, former chief of Zalora Group; Freddy Lim (CIO), former MD and Global Head of Derivatives Strategy at Nomura; and serial tech entrepreneur Nino Ulsamer (CTO).
It is a digital wealth management platform that delivers automated, personalised portfolio management to each client’s individual portfolios. Its risk-management investment strategy ERAA is designed to maximise clients’ long-term returns while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
StashAway has a Capital Market Services License for Retail Fund Management from the Monetary Authority of Singapore, and a Capital Market Services License for Digital Investment Management from Securities Commission Malaysia.
The new round comes less than a year after StashAway completed a US$16 million Series C fundraising round, led by Square Peg.
Prior to this, the robo-advisor raised US$12 million Series B, led by Eight Roads Ventures in July 2019.
Previously, it closed US$5.3 million Series A funding round from a group of family offices and individual investors.
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