Singapore-based robo-advisor StashAway has collected SGD $22.3m ($16m) in its Series C round which was led by Square Peg.
Other contributors to the round included Burda Principal Investments, the investment division of German media and tech company Hubert Burda Media, and global investor Eight Roads Ventures.
With the extra cash, the company will enhance its product suite.
StashAway 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.
Eight Road Ventures led StashAway’s Series B round back in 2019, which closed on $12m. The capital was raised to support the product development for its clients in Singapore and Malaysia, as well as expanding across the Asia Pacific.
In a blog post, the company claims that since the Series B close, it has doubled down on financial education and product development. The FinTech has released a free financial education service on its app and introduced the StashAway Simple solution, which streamlines money management.
Over the past year, the company has also opened offices in three more countries. StashAway is now present in Singapore, Malaysia, Thailand, Hong Kong and UAE.
Earlier in the year, Singapore-headquartered Robocash revealed it is planning to list on the Australian Securities Exchange and is reportedly looking to raise $5m to launch a neobank in the Philippines.
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