Singapore-based StashAway, which is one of the largest and fast-growing digital wealth managers in Southeast Asia, has announced asset under management (AUM) of $1 billion, media reports said. With this, StashAway, which was launched in 2017, became the first digital wealth manager in Southeast Asia to announce that it manages more than $1 billion.
StashAway offers investment and cash management portfolios for both retail and accredited investors. Its technology provides automated and personalised portfolio management, targeting different levels of risk.
Michele Ferrario, co-founder and chief executive office at StashAway told the media, “When the company was founded, our objective was to significantly improve the way people build their wealth. For those who do invest their savings, traditional investment options just weren’t acceptable. But we knew that cash in the bank is actually our biggest competitor: in Asia, 46 percent of financial wealth is held in bank deposits, compared to 14 percent in North America.
“That’s why we’ve always focused not only on sophisticated investment principles and a great customer experience, but also financial education to help more people understand how to better manage and grow their wealth. This relationship with our clients and the public has been a key to our fast growth.”
Last year, StashAway raised around $16 million in its Series C funding round. 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.