StashAway Raises $25M Series D to Expand Wealth Management Platform
These funds will be used to feature development across its five markets and accelerate its investment product.
Robo-advisor fintech startup StashAway has raised $25 million in its series D funding round led by leading venture capital firm, Sequoia Capital India. Stashaway is a Singapore-based digital wealth manager that delivers personalized investment portfolios and wealth management solutions for retail and accredited investors. It operates in Singapore, Malaysia, MENA and Hong Kong.
This funding round brings the startup’s total paid-up capital to $61.4 million, which will be used to feature development across its five markets and accelerate its investment product, as well as enlarge its engineering team in Singapore and abroad. Stashup will also offer to buy back up to $3 million in stock options from all of its employees.
"Providing up to $3 million in liquidity to our employees helps StashAway attract the best talent; it shows that startups can succeed and be financially rewarding,” Nino Ulsamer, Co-Founder and CTO, said. “We want all of our team members to participate in the financial benefits of building a successful company, and our promise to all team members has always been an attractive compensation package that includes a significant amount of stock options in the company. This promise is now starting to materialise financially."
As part of the funding round, Sequoia India’s Managing Director, Abheek Anand, will be joining the Board of Directors, bringing more than twenty years of experience in consumer tech, deep tech sectors and financial services across the U.S, Southeast Asia and India.
"StashAway is growing rapidly as it fulfils an obvious gap in the digital wealth management space, especially in areas where its competitors may be lacking: an easy-to-use platform, robust client relationships, and a very sophisticated investing framework,” Anand said. “StashAway has built trust with its client base by navigating them through market volatility while providing strong returns."
The company has surpassed $1 billion in assets under management as of January 2021. Stashaway was recognised as a 2020 Technology Pioneer by the World Economic Forum and a Top 10 LinkedIn Startup.