StashAway, Southeast Asia’s largest and fastest-growing digital wealth manager for both retail and accredited investors, has completed a $16 million USD (MYR 68.2 million) Series C fundraising round. Square Peg, the largest venture capital fund in Australia, led the round, and Burda Principal Investments, the growth capital arm of German media and tech company Hubert Burda Media, as well as existing investor Eight Roads Ventures, the global investment firm backed by Fidelity and early investor in Alibaba, both also participated in the round.
Michele Ferrario, Co-founder and CEO of StashAway says, “This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to 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.”
Square Peg’s Partner, Tushar Roy, will join StashAway’s Board of Directors. Tushar brings with him more than 20 years of professional experience investing and consulting across industries and geographies. Tushar led Square Peg’s investments in other Singapore-based companies, such as FinAccel, Chope, and Doctor Anywhere. On investing in StashAway, Tushar says, “It was clear to us that StashAway is an obvious leader in Southeast Asia’s digital wealth management industry, but what sealed the deal for us was its people. We haven’t seen such an experienced and driven team in this space. The team is now 85 people strong across 5 countries, and they’ve been clearly attracting top-tier talent to drive the company and product forward.”
Eight Roads Ventures has participated in this round after leading its $12 million USD Series B in 2019. “The strong customer value proposition and StashAway’s stellar execution has been demonstrated by its rapid growth. Its AUM has grown over 4.3X in the last year alone in an extremely volatile market. We continue to remain very excited about StashAway’s pioneering efforts in developing digital wealth management offerings in the region,” said Raj Dugar, Managing Partner India & Southeast Asia at Eight Roads Ventures, who sits on StashAway’s Board of Directors.
StashAway’s portfolios have generated annualized returns* ranging from 11.1% for its highest risk portfolio and 4.3% for its lowest risk portfolio since it launched in July 2017. All core growth-oriented portfolios have outperformed their respective same-risk benchmarks.
Since its Series B fundraising round in July 2019, StashAway has launched the Income Portfolio in Singapore and StashAway SimpleTM, a cash management solution that has been welcomed enthusiastically by clients in Singapore and Malaysia.