StashAway, a Singaporean startup that offers automated and personalized portfolio management to retail and accredited investors, is set to net USD 25 million in a Series D round led by Sequoia Capital India.
The transaction is awaiting regulatory approval, which is expected to close “in the next few months,” the company said. The round had participation from Fidelity International-backed Eight Roads Ventures as well as Australian venture capital firm Square Peg. It will bring StashAway’s total funding to USD 61.4 million.
With the new capital, StashAway plans to ramp up investment offerings and buy back a maximum of USD 3 million in stock options from its employees. “We’ll be launching in Thailand in a few months,” CEO and co-founder Michele Ferrario told KrASIA.
A handful of notable players have emerged in the field, including Singaporean digital wealth manager Syfe, which raised USD 18.6 million in a Series A round in September. In February last year, tech giant Grab acquired retail wealth management startup Bento and rebranded it as GrabInvest to offer micro-loan and investment products to riders and merchant partners.
While Ferrario didn’t mention specific firms, he said that competition in the sector benefits consumers and drives innovation. “Currently, we’re the largest player in the region in terms of assets under management. StashAway will be live for four years in July this year, and we have surpassed all our projections of client numbers and assets managed,” said Ferrario.
“As the undisputed leader in the market, we will continue to focus on improving our customers’ experience and pushing the industry as a whole to evolve,” he added, expecting the industry to consolidate in the coming years and some smaller players to close down.
Launched in 2017, StashAway provides investment advisory services across Singapore, Malaysia, the Middle East, North Africa, and Hong Kong. News about its latest fundraising comes shortly after the firm surpassed USD 1 billion in assets under management. Last July, it bagged USD 16 million in a Series C round led by Square Peg.