Singapore-based robo-advisor StashAway has raised S$3m ($2.15m) to launch its regulatory approved service in the city.
The investment comes from the family office of Francis Rozario, a Citibank veteran who previously headed up Temasek Holdings’ financial services subsidiary, Fullerton Financial Holdings.
StashAway aims to democratise institutional-level investment advisory services through automation and lower management fees of between 0.2% and 0.8%.
It aims to attract younger investors with no minimum balance requires and by allowing them to withdraw at any point.
Importantly for the company the new funding is greater than the S$1 million (US$719,000) minimum required by the Monetary Authority of Singapore (MAS) for it to receive a retail fund management license.
Company CEO and co-founder Michele Ferrario commented: “The financial backing and partnership from Francis Rozario and his family supports us in our pursuit to build and scale StashAway powerfully and meaningfully in Singapore, and soon throughout APAC.”
StashAway aims to go live in the next few months and previously raised $516,200 in Seed funding.
Rozario will join the startup’s board as a result of the deal.
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