Singaporean investment management platform StashAway has raised USD 16 million in its Series C funding round led by Australian venture capital firm Square Peg Capital, according to a statement. This brings the company’s total funding up to USD 36.7 million.
Other participants in the round include Burda Principal Investments, and existing investor Eight Roads Ventures, who had led StashAway’s USD 12 million Series B round in 2019. Following the investment, Square Peg’s partner Tushar Roy will join StashAway’s board of directors.
StashAway co-founder and CEO Michele Ferrario told KrASIA that the fresh funds will be used for market expansion and to accelerate product development. The company is currently operating in Singapore and Malaysia, and plans to spread its wings to other countries. “We’re still speaking with the regulators, we can’t give specifics yet,” he said.
Since the last funding round, StashAway launched a cash management portfolio called “StashAway Simple”, as well as the “SGD Income Portfolio”, which invests in government and corporate bonds, as well as REITs and dividend stocks.
The company also branched out into financial education through its in-app “StashAway Academy”. The firm says that in the past three years, more than 20,000 people have watched the seminars and webinars. Ferrario said that StashAway will continue launching new products and in-app features, without providing further details.
Founded in 2017, StashAway offers digital investment and wealth management services. Assets under management have grown more than 330% last year, according to the company. StashAway currently employs 90 people across Singapore, Malaysia, Thailand, Hong Kong, and the United Arab Emirates.