StashAway, a Singapore-based robo-advisor, has collected $12m in its Series B round to support
The round was led by Eight Road Ventures, the investment division of Fidelity International.
Private equity firm Asia Capital & Advisors renewed its investment into StashAway, having previously backed the company in its pre-Series A and Series A round.
With the round proceeds, the company is looking to accelerate its product development for its clients in Singapore and Malaysia. It will also look to continue its expansion across the APAC region and doubling its financial education content development.
The company is a digital wealth management platform which offers automated and personalised portfolio management services. By leveraging an economic regime-based asset allocation investment strategy, StashAway aims to maximise clients’ long-term returns while keeping an individual customer’s specific risk exposure constant through changing economic cycles.
The platform starts off by asking questions regarding goals, risk, and how much the user is willing to invest each month, in order to build a personal portfolio.
Investments will be managed and re-adjusted by the technology, but users can increase or decrease monthly deposits, change risk, withdraw funds, create more portfolios or manage their investments on any platform. Consumers can set targets such as retirement, buying a home, child education funding, or just general investing, with a personal strategy being implemented to help achieve the goal.
Eight Roads Ventures managing partner Asia Raj Dugar said, “The disjointed Southeast 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.”
As part of the deal, Dugar will join the StashAway board of directors.
With the close of the Series B, the company has raised a total of $20.4m. The company closed its Series A last year on $5.3m and used the funds to support its move into the Malaysian market.
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