Digital Wealth Portfolio Manager StashAway Adds US$16M Series C to Its Books

The funding brings StashAway’s total paid-up capital to $36.4 million

Singapore-headquartered digital wealth management platform StashAway has raised US$16 million (MYR 68.2 million) in a Series C round of funding, the company announced in a statement today.

Australian venture capital fund Square Peg led the round, with participation from German media group Hubert Burda Media’s growth investments arm Burda Principal Investments, and existing investor London-headquartered Eight Roads Ventures, the statement added.

StashAway offers growth investment portfolios at different risk levels, a returns-focused Income Portfolio, as well as a cash management solution StashAway Simple.

Of these, the company’s Income Portfolio and StashAway Simple were launched post its $12 million Series B funding in 2019, which was led by Eight Roads Ventures, the statement said.

StashAway has a presence in both Singapore and Malaysia, with its Income Portfolio having been launched in Singapore.

The fresh capital “strengthens StashAway’s balance sheet position,” Co-founder and CEO of StashAway, Michele Ferrario said in the statement, putting its total capital haul at $36.4 million (MYR 153.8 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,” Ferrario added.

Square Peg Partner Tushar Roy, who led the venture fund’s investments in Singapore-based startups FinAccel and Doctor Anywhere, will join StashAway’s Board of Directors, the statement said.

As of 30 June 2020, StashAway has reported annualized returns of 11.1% for its highest risk portfolio to 4.3% for its lowest risk portfolio since the company’s launch in July 2017, the company said in the statement.

It added that its core growth portfolios have outdone their respective benchmarks, as issued by MSCI World Equity Index (equities) and FTSE World Government Bond Index (bonds).

In the last year, StashAway’s assets under management has grown over 4.3x, Managing Partner India & Southeast Asia at Eight Roads Ventures Raj Dugar said in the statement.

“The strong customer value proposition and StashAway’s stellar execution has been demonstrated by its rapid growth,” Dugar said in the statement. “We continue to remain very excited about StashAway’s pioneering efforts in developing digital wealth management offerings in the region.”

Other investors of the company include pan-Asian investment management company Asia Capital and Advisors, and the family office of its Chairman and CEO Francis A. Rozario.

The Rozario family is one of the company’s earliest investors, having funded the startup’s $2.2 million seed round in 2017 as well as its subsequent $5.3 Series A in 2018.

Both Dugar and Rozario sit on StashAway’s board.

Top: StashAway Co-founders Nino Ulsamer, Michele Ferrario and Freddy Lim. Image courtesy of StashAway.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

5 More Business Podcasts You Need to Listen To

5 More Business Podcasts You Need to Listen To

Entrepreneurs have one thing in common—they always look for opportunities to learn and grow. To gain an understanding of running a viable business, you need to listen to the experiences of those who have emerged triumphant in the business world. A great way to do so is by tuning into a vast number of business and entrepreneurship podcasts scattered across the internet today.

5 Hobbies To Maximize Your Entrepreneurial Drive

5 Hobbies To Maximize Your Entrepreneurial Drive

Entrepreneurs are a special breed of person. They’re go-getters, risk-takers and dreamers. Yet, even the most driven entrepreneur needs to take a break from time to time. Spending every second of your day on your business is stressful, and you will lose your drive very soon. If you want to stay energetic and ready to take on new challenges at work, hobbies are what you need.

Making the Metaverse a Force for Good with the Metaverse Charity Foundation

Making the Metaverse a Force for Good with the Metaverse Charity Foundation

If you are a frequent reader of our website, you must have seen us mention The Sandbox, Decentraland and Axie Infinity. These are some of the most popular metaverses out there, and the one thing they all have in common is that they all have their origins in Asia. While Asia is home to all these metaverse projects, it suffers two main issues: the region has major rural-urban inequality as well as a significant wage difference between high-skilled and low-skilled occupations.

How Do Stores Get You to Spend More Money

How Do Stores Get You to Spend More Money?

Have you ever entered a grocery store to buy some milk but ended up with a bag full of items you didn’t even need? You’re not alone if you feel guilty for spending more money than you intended. It’s not our fault that we keep putting items in our shopping carts; we are manipulated to do so! To make sure you buy more, retailers will go all the way to carefully engineer every aspect of their store.

6 Lessons All Entrepreneurs Can Learn from Amazon Founder Jeff Bezos

6 Lessons All Entrepreneurs Can Learn from Amazon Founder Jeff Bezos

Whether you love or hate him, there’s no denying that Jeff Bezos is one of the most successful entrepreneurs of our generation. Bezos, the founder of Amazon, has built a business empire encompassing everything from ecommerce and cloud computing to artificial intelligence (AI). What can we learn from Bezos, one of the world’s wealthiest men with a net worth of US$151 billion? Here are six key lessons that all entrepreneurs can learn from the billionaire:

9 Signs of a Toxic Workplace

9 Signs of a Toxic Workplace

Workplace trends like “hustle culture” and “quiet quitting” are shining the light on unhealthy, toxic work environments and their effects on employees. Hustle culture is when you feel like you have to work yourself to the bone and do way more than others all the time; quiet quitting, a counteragent to hustle culture, is about doing the bare minimum at your job instead of going above and beyond for an exploitative employer.