Singapore-headquartered robo-advisor for wealth management StashAway has raised $12 million (Rs 82.64 crore at the current exchange rate) in Series B round of funding, led by Eight Roads Ventures.
Existing investor Asia Capital & Advisors, led by Francis Rozario and Aaron Rozario, also participated in the round.
The latest round takes total funding raised by StashAway to $20.4 million (approximately Rs 140 crore) to date.
The digital wealth management platform provides automated personalised portfolio management for retail and accredited investors.
StashAway was founded in 2016 by Michele Ferrario, former CEO of e-commerce platform ZALORA Group, Freddy Lim, former managing director and global head of derivatives strategy at Nomura and serial entrepreneur Nino Ulsamer. The company has a presence in Malaysia and works with users across 77 countries.
“The financial backing from Eight Roads Ventures and continued support of Asia Capital & Advisors will accelerate our investment product development for our clients in Singapore and Malaysia,” Ferrario, CEO of StashAway, said in a statement.
Raj Dugar, managing partner Asia at Eight Roads Ventures, will be joining the board of the company.
“The disjointed Southeast Asian wealth management landscape offers great potential to low-cost digital investment managers. StashAway is a regional pioneer in this sector,” Dugar said in a statement.
- Cred, the fintech platform founded by FreeCharge co-founder Kunal Shah, raised $30 million from Sequoia Capital, Ribbit Capital, Russian VC firm Ru-Net and others. in June 2018
- Eight Roads invested $4.5 million in Indian tech-based wealth management company Kuvera in April.