StashAway, a robo-advisor for both retail and accredited investors, has completed a USD$12 million (SGD$16.4 million) Series B round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International. Asia Capital & Advisors, the private equity firm led by Francis Rozario and Aaron Rozario, also participated.
StashAway is a digital wealth management platform that delivers automated, personalised portfolio management to each client’s individual portfolios. Its risk-management investment strategy, ERAA® (Economic Regime-based Asset Allocation), is designed to maximise clients’ long-term returns while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
Tens of thousands of people of 125 nationalities and living in 77 countries have opened an account and used the platform since StashAway first launched in Singapore in July 2017. Since its Series A fundraising round in March 2018, StashAway entered its second country, Malaysia, and became the first and only robo-advisor in Singapore to accept the country’s Supplementary Retirement Scheme Fund for investments. The company also introduced its own financial education programming, StashAway Academy, for investing beginners to experts, and everyone in between.
Michele Ferrario, Co-founder and CEO of StashAway says, “The financial backing from Eight Roads Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital & Advisors, will accelerate our investment product development for our clients in Singapore and Malaysia, while also supporting market expansion throughout the APAC region and doubling down on financial education content development and distribution.”
Raj Dugar, Managing Partner Asia at Eight Roads Ventures commented, “The disjointed Southeast Asian wealth management landscape offers great potential to low-cost digital investment managers. StashAway is a regional pioneer in this sector, and we are impressed by the management team’s vision and execution. Their transparent pricing, robust investment methodology, and ease of use make for a compelling customer proposition. We look forward to supporting StashAway as it continues to improve the way individuals throughout the region manage their money and build wealth.”
Raj Dugar will join the Board of Directors, bringing over fifteen years of leadership experience, including tenures at both The Carlyle Group and Goldman Sachs.
Asia Capital & Advisors also participated in StashAway’s fundraising for the third consecutive round.
“Since launch, StashAway has proven not only to be at the forefront of advancing the investment experience, but has also shown, especially over the past year of significant market volatility, the resilience of the investment strategy and the team in dealing with market ups and downs,” said Francis Rozario, who was previously the CEO and Executive Director of Fullerton Financial Holdings, a subsidiary of Temasek Holdings. “StashAway has emerged as a market leader for low-cost, sophisticated, institutional-level investing for retail and accredited investors alike. This has only served to further increase my confidence that the business can continue this trend in additional underserved markets in the region.”
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