Singapore-based digital wealth management startup StashAway has raised $12 million (Rs 82.5 crore) in its Series B funding round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Ltd.
Existing investor Asia Capital & Advisors, the private equity firm led by Francis Rozario and Aaron Rozario, also participated in the funding round, the company said in a statement.
StashAway co-founder and chief executive officer Michele Ferrario said the fresh capital will be used for market expansion in the Asia Pacific region and product development.
StashAway was founded in 2016 in Singapore by Ferrario, former ZALORA Group CEO; Freddy Lim (CIO), former MD and global head of derivatives strategy at Nomura; and Nino Ulsamer (CTO), a serial tech entrepreneur. It claims that people of 125 nationalities in 77 countries has used its platform since its launch.
Asia Wealth Platform Pte Ltd, which is the legal entity of StashAway, is a robo-advisor for retail and accredited investors. Its digital wealth management platform helps to deliver automated and personalised portfolio management to its clients. Its risk-management investment strategy, ERAA (Economic Regime-based Asset Allocation), helps in maximising long-term returns for its customers.
Raj Dugar, managing partner for Asia at Eight Roads Ventures, said the disjointed Southeast Asian wealth management landscape offers great potential to low-cost digital investment managers. “Their transparent pricing, robust investment methodology, and ease of use make for a compelling customer proposition,” he added.
StashAway had raised its pre-Series A and Series A from Asia Capital & Advisors. The company has raised $20.4 million till date.
Eight Roads' investment
The investment firm has been quite active this year, making at least five other bets.
Eight Roads Ventures and its US-based sister fund F-Prime Capital also invested Rs 218 crore in the injectables unit of Caplin Point Laboratories Ltd.
The firm has invested more money in US-based MineralTree Inc, which offers payment automation solutions and is led by its Indian-origin founder.
Eight Road's Fintech Strategic Investment team invested in digital investment advisory startup Kuvera as part of the company's Series A round.