Singapore-headquartered robo-advisor StashAway closed a series D funding round for $25m led by Sequoia Capital India, bringing its total paid-up capital to $61.4m.
Existing investors including Eight Roads Ventures, the global investment firm backed by Fidelity International and early investor in Alibaba and Square Peg participated in the round. The transaction will close in the next few months pending necessary regulatory approvals.
In conjunction with the funding Sequoia India managing director Abheek Anand will be joining StashAway’s Board of Directors.
This funding round will accelerate investment product and feature developments across the markets it operates which include Singapore, Malaysia, North Africa, Hong Kong and the United Arab Emirates. The company will also offer to buy back up to $3m in stock options from its employees and expand its engineering team in Singapore and abroad.
Furthermore, it is also in talks with Thailand’s financial regulator to obtain a license to offer its services in the region.
StashAway is a digital wealth manager that offers investment portfolios and wealth management solutions for both retail and accredited investors. As of January 2021, the company surpassed $1bn in assets under management, it claimed.
Commenting on the round, StashAway CEO Michele Ferrario said, “This vote of confidence by one of the most successful venture capital firms affirms that we’ve been taking the right approach by expanding early into high-opportunity markets, continuing to deepen our product offering, and building a lean and mission-driven team. These steps have translated into rapid AUM growth since our beginning.”
Echoing a similar sentiment, Anand said, “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.”
At the end of last year, the company launched StashAway WorkPlace, a platform for employers to provide benefits like pensions and vesting schedules.
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