StashAway raises US$25mil in Series D funding
By Digital News Asia April 27, 2021
- Funding to accelerate investment product, feature development across markets
- Sequoia Capital India’s Abheek Anand to join StashAway’s board
SINGAPORE-headquartered, robo-advisor investment app StashAway has raised US$25 million in Series D funding. The funding round is led by Sequoia Capital India, alongside returning investors Eight Roads Ventures and Square Peg, the company said in a statement.
The transaction will close in following months pending necessary regulatory approvals.
This funding round will bring StashAway’s total paid-up capital to about US$61.4 million. The company will also offer to buy back up to US$3 million in stock options from its employees.
The funding will be used to accelerate its investment product and feature developments across its markets, it said. There are also plans to expand its engineering team in Singapore and other countries.
"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,” said Michele Ferrario, co-founder and chief executive officer of Stashaway (pic).
Stashaway is a digital wealth management platform, the first robo-advisor to obtain a full capital markets services license from Singapore’s Monetary Authority. It offers portfolios with annualised returns ranging from 15.9% (for their highest-risk portfolio) to 3.5% (lowest-risk).
As of January 2021, the platform surpassed US$1 million in assets under management.
As part of the funding round, Abheek Anand, managing director of Sequoia India, will join StashAway's board of directors, pending regulatory approvals.
The company said he has more than 20 years of experience in consumer tech, financial services and deep tech sectors across the US, Southeast Asia and India.
"StashAway is growing rapidly as it fulfils an obvious gap in the digital wealth management space.
This is especially in areas where its competitors may be lacking: an easy-to-use platform, robust client relationships, and a very sophisticated investing framework,” he said.
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