News

StashAway raises RM69m in fresh funds

by SHAZNI ONG/ pic credit: StashAway.com.my

STASHAWAY, South-East Asia’s largest and fastest-growing digital wealth manager for both retail and accredited investors, has completed a US$16 million (RM68.8 million) Series C fundraising round.

StashAway co-founder and CEO Michele Ferrario said this new round of financing will strengthen StashAway’s balance sheet position, bringing its paid-up capital to RM153.8 million.

“This latest round will enable us to accelerate product development to broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry,” he said in a statement yesterday.

Square Peg Capital Pte Ltd, the largest venture capital fund in Australia, led the round and was participated by Burda Principal Investments, (the growth capital arm of German media and tech company Hubert Burda Media) and Eight Roads Ventures.

The digital wealth management platform also noted that Square Peg’s partner Tushar Roy will join StashAway’s board of directors.

Tushar — who brings with him more than 20 years of professional experience in investing and consulting across industries and geographies — led Square Peg’s investments in other Singapore-based companies, such as FinAccel, Chope and Doctor Anywhere Pte Ltd.

“We haven’t seen such an experienced and driven team in this space. The team is now 85 people across five countries, and they’ve been attracting top-tier talent to drive the company and product forward,” he said.

Eight Roads Ventures has participated in this round after leading US$12 million in Series B in 2019.

Eight Roads Ventures managing partner India and South-East Asia Raj Dugar who sits on StashAway’s board of directors said the strong customer value proposition and StashAway’s stellar execution has been demonstrated by its rapid growth.

“Its asset under management has grown over 4.3 times 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,” he said.

Since its Series B fundraising round in July 2019, StashAway has launched the Income Portfolio in Singapore and StashAway SimpleTM, a cash management solution in Singapore and Malaysia.

StashAway’s portfolios have generated annualised 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.

Zukri

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