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.

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