StashAway raises US$25mil in a Series D funding round
By Leandra Monteiro
Singapore-based, robo-advisor investment app StashAway has raised US$25 million in Series D funding. The funding round was led by Sequoia Capital India, alongside returning investors Eight Roads Ventures and Square Peg, the information was released by the company in a statement. As part of the funding, Sequoia Capital India managing director Abheek Anand will join StashAway’s board of directors.
The newly raised funds will be used on expanding StashAway’s product and engineering teams to continue feature and product development. The company also plans to buy back around $3 million in stock options from its employees.
According to media reports, Michele Ferrario, Co-Founder and CEO said, “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.”
According to media reports, speaking on buying back employee shares and expanding the team, Nino Ulsamer, Co-Founder and CTO added, “Providing up to $4 million SGD 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 materialise financially.”
Stashaway is a digital wealth management platform, the first robo-advisor to obtain a full capital markets services license from Singapore’s Monetary Authority. It offers portfolios with annualised returns ranging from 15.9% to 3.5%.
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