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StashAway raises US$16 million in its Series C round led by Square Peg

By Edil Corneille

July 27, 2020

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StashAwaySingapore-based StashAway, a digital wealth manager for retail and accredited investors, has completed a $16 million USD (MYR 68.2 million) Series C fundraising round. The investment round was led by Square Peg, the venture capital fund in Australia. Burda Principal Investments, the growth capital arm of German media and tech company Hubert Burda Media, as well as existing investor Eight Roads Ventures, the global investment firm backed by Fidelity and early investor in Alibaba, also participated in the round.

Michele Ferrario, Co-founder and CEO of StashAway enunciated, “This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to MYR 153.8 million. This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry.”

Square Peg’s Partner Tushar Roy will join StashAway’s Board of Directors. He brings with him over 20 years of professional experience investing and consulting across industries and geographies. Roy led Square Peg’s investments in other Singapore-based companies such as FinAccel, Chope, and Doctor Anywhere. On investing in StashAway, Roy stated, “It was clear to us that StashAway is an obvious leader in Southeast Asia’s digital wealth management industry, but what sealed the deal for us was its people. We haven’t seen such an experienced and driven team in this space. The team is now 85 people strong across 5 countries, and they’ve been clearly attracting top-tier talent to drive the company and product forward.”

Eight Roads Ventures has participated in this round after leading its $12 million USD Series B in 2019. “The strong customer value proposition and StashAway’s stellar execution has been demonstrated by its rapid growth. Its AUM has grown over 4.3X 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,” said Raj Dugar, Managing Partner India & Southeast Asia at Eight Roads Ventures, who is on StashAway’s Board of Directors.

StashAway’s portfolios are said to have generated annualised returns (as of end June 2020, returns in MYR) ranging from 11.1 percent for its highest-risk portfolio and 4.3 percent for its lowest risk portfolio since it launched in July 2017. Since its Series B fundraising round in July 2019, the company has launched the Income Portfolio in Singapore and StashAway SimpleTM, a cash management solution in Singapore and Malaysia.

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