Singapore-based digital wealth management platform StashAway has raised around $16 million in its Series C funding round, the media reported.
The funding round for StashAway was led by Australian venture capital firm Square Peg.
Other investors that participated in the funding round include Hubert Burda Media’s growth capital arm Burda Principal Investments and existing investor Eight Roads Ventures.
With regard to the funding, Michele Ferrario, co-founder and chief executive of StashAway told the media, “This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to SGD 50.7 million. This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry.”
StashAway offers investment and cash management portfolios for both retail and accredited investors. Its technology provides automated and personalized portfolio management, targeting different levels of risk.
Established in 2016, the startup currently operates in Singapore and Malaysia and has acquired licenses from the Monetary Authority of Singapore (MAS) and the Securities Commission of Malaysia.
Michele Ferrario further revealed that the startup plans to use the new funds to speed up product development and enhance the capabilities of its platform.
He also said that the startup is planning to launch in new markets in the near future, however, did not disclose any location as of yet.
The investment in StashAway is Square Peg’s fifth investment in a Singaporean company. Previously it has invested in property portal PropertyGuru, financial technology company FinAccel, restaurant booking marketplace Chope and telehealth service Doctor Anywhere.
Square Peg partner Tushar Roy will join StashAway’s board as part of the funding deal.