Singapore’s StashAway bags US$ 16M in Series C funding
Singapore’s StashAway bags US$ 16M in Series C funding

Singapore-based FinTech startup StashAway has raised US$ 16M in a Series C round held in July 2020, led by Australian VC major Square Peg with participation from Hubert Burda Media’s growth capital arm Burda Principal Investments and existing investor Eight Roads Ventures.

The startup plans to use the fresh funds to enhance product development and capabilities of its platform.

Founded in 2016 by Michele Ferrario, Nino Ulsamer and Freddy Lim, the startup is a digital investment management platform that provides investment and cash management portfolios for both retail and qualified investors. Its technology provides computerized and customized portfolio management, focused on different levels of risk.

As of June 2020, StashAway claims its portfolios have made yearly returns ranging from 11.6% for its highest-risk portfolio and 4.9% for its lowest-risk portfolio since its platform launched in July 2017.

The startup also runs its own financial education program called StashAway Academy. It has authorizations from the Monetary Authority of Singapore and Securities Commission Malaysia, the two countries it currently functions in. They also intend to integrate new investment products and features to their App.

Ferrario, CEO of StashAway, said that the startup has a few country launches in its bucket list as of now, but no specific locations were revealed. As part of the funding deal, Square Peg partner Tushar Roy, will be joining StashAway’s board and was quoted to say, “The team is now 85 people-strong across five countries and they’ve been clearly attracting top-tier talent to drive the company and product forward”.

In 2019, the startup had launched a Singapore dollar income portfolio in the city-state, along with its cash management portfolio StashAway Simple in Malaysia and Singapore, and also a podcast named In Your Best Interest.

They currently have 32 open positions in Singapore, Malaysia, UAE, Hong Kong, and Thailand. StashAway claims that more than 20K people have watched its conferences and webinars on personal and investing subjects. It has also seen its assets under management grow 4.3x in the past 1 year.

March seemed to be a difficult month for the startup given the financial impacts of COVID-19 globally. About this, the CEO said, “However, most of our clients continued to dollar-cost-average into the markets, sticking to their plans and following best practices for long-term wealth building.”

Previous funding:

  • US$516,200 Seed funding from the founders and other undisclosed investors in 2016.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.


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