Singapore-based FinTech startup StashAway to raise $25M Series D funding led by Sequoia Capital India for its wealth management platform
StashAway, a Singapore-based fintech startup and a wealth management platform that delivers personalized portfolio management to both retail and accredited investors, today announced that it’s raising $25 million in its Series D funding round led by Sequoia Capital India. The transaction will close in the next few months pending necessary regulatory approvals.
Other existing backers including Eight Roads Ventures, the global investment firm backed by Fidelity International and early investor in Alibaba; and Square Peg, the largest venture capital fund in Australia, also participated in the round.
This funding round will bring StashAway’s total paid-up capital to $61.4 million USD and accelerate investment product and feature developments across its 5 markets. The company will also offer to buy back up to $3 million in stock options from its employees and expand its engineering team in Singapore and abroad.
Founded in 2016 by Freddy Lim (CIO), Michele Ferrario (CEO), and Nino Ulsamer (CTO), StashAway is a digital wealth manager that offers investment portfolios and wealth management solutions for both retail and accredited investors and operates in Singapore, Malaysia, the Middle East, and North Africa and Hong Kong.
The startup offers personalized financial planning and portfolio management for the vast range of needs of retail and accredited investors alike. Its risk-management investment strategy, ERAA® (Economic Regime-based Asset Allocation), is designed to maximize clients’ long-term returns while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
“This vote of confidence by one of the most successful venture capital firms affirms that we’ve been taking the right approach by expanding early into high-opportunity markets, continuing to deepen our product offering, and building a lean and mission-driven team. These steps have translated into rapid AUM growth since our beginning,” Michele Ferrario, Co-Founder and CEO said.
Abheek Anand, Managing Director, Sequoia India, will be joining StashAway’s Board of Directors as part of the funding round, pending regulatory approvals. Anand has more than 20 years of experience in consumer tech, financial services, and deep tech sectors across the US, Southeast Asia, and India.
He says, “StashAway is growing rapidly as it fulfills 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. StashAway has built trust with its client base by navigating them through market volatility while providing strong returns.”
On buying back employee shares and expanding the team, Nino Ulsamer, Co-Founder, and CTO added, “Providing up to $3 million USD in liquidity to our employees helps StashAway attract the best talent; it shows that startups can succeed and be financially rewarding. 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 materialize financially.”