StashAway raises USD 12 million in Series B round led by Eight Roads Ventures

The new funds will be used to enter additional markets and accelerate product development.

StashAway has bagged another 12 million USD in Series B funding. Photo provided by company.

StashAway, a Singapore-based robo-advisor firm, has completed a USD 12 million Series B funding round led by Eight Roads Ventures—the proprietary investment arm of Fidelity International—the company announced in a press release.

Eight Roads Ventures was also one of the earliest investors in Alibaba, and participated in this round alongside Asia Capital & Advisors, a private equity arm led by Ex-Temasek banker Francis Rozario.

Launched in Singapore in July 2017, StashAway is a digital wealth management platform that delivers automated, personalized portfolio management to customers of all net worths.

The company has now raised a total of USD 20.4 million, including USD 5.3 million in Series A funding back in March 2018. It currently operates in Singapore and Malaysia and claims its platform has attracted users from 77 countries.

Michele Ferrario, co-founder, and CEO of StashAway, said in a press statement that the funds will used to improve product development in Singapore and Malaysia while supporting expansion into new markets in the Asia-Pacific region.

Raj Dugar, managing partner for Asia at Eight Roads Ventures will join the board of directors at StashAway, bringing over 15 years of leadership experience, including tenures at both The Carlyle Group and Goldman Sachs.