Thursday, Dec 8, 2022
International Finance
Wealth Management

Singapore wealth management fintech StashAway raises $12 mn

The funding led by one of the earliest Alibaba investors will be used for product development and expansion.

StashAway, a Singapore based online wealth management fintech startup has raised 12 million dollars in a Series B funding round. The funding was led by Eight Roads Ventures, an investment arm of Fidelity International.

The total funding the StashAway has raised to date has reached $20.4 million. The funding round for StashAway was also joined by Asia Capital and Advisors, the investment firm founded by Francis Rozario, former CEO of Fullerton Financial. It is an existing investor in StashAway having previously invested in the startup’s pre Series A and Series A round.

The Singapore fintech startup has decided to use the funds for product development and market expansions in the Asia Pacific region. The Singapore headquartered StashAway, has around 40  employees and was founded in 2016 by former Zalora Group CEO Michele Ferrario, former MD and Global Head of Derivatives Strategy at Nomura, Freddy Lim, and serial tech entrepreneur, Nino Ulsamer.

According to Michael Ferrario, the CEO of StashAway, “The financial backing from Eight Road Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital and Advisors, will accelerate investment product development for our clients in Singapore and Malaysia , while also supporting market expansion throughout the APAC region.”

As part of the deal, Raj Dugar will join the company’s board of directors. He said. “The disjointed Southeast Asian wealth management landscape offers great potential to low cost digital investment managers. StashAway’s transparent pricing, robust investment methodology and ease of use make for a compelling customer proposition.”

The company had launched operations in Malaysia in 2018. It has currently started its own financial education programming, StashAway Academy. The firm acts as a robo- advisor to retail and accredited investors and delivers automated personalised portfolio management to its clients.

 

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