The Singapore-based Digital wealth manager or investment application StashAway has raised $25 million in its latest Series D round led by Sequoia Capital India and also seen participation from existing and returning investors namely Eight Roads Ventures and Square Peg.
With all the needed and essential regulatory approvals for the funding, the series is finished, Sequoia capital India’s managing director Abheek Anand will join StashWay’s board of directors as part of the round. For approvals, it will take around a month.
Anand said – “StashAway is growing rapidly as it fulfills an obvious gap in the digital wealth management space, especially in areas where its rivals may be lacking: an easy-to-use platform, robust client relationships, and a very sophisticated investing framework. StashAway has built trust with its client base by navigating them via market volatility while offering strong results.
The firm doesn’t reveal how many investors use its robo-advisor application, but it surpassed $1 billion in assets under management in January. Currently, it is operating in 5 major geographies namely Malaysia, Singapore, UAE (United Arab Emirates), Hong Kong, and planning to launch its application in Thailand soon.
This new funding infusion will bring StashAway’s total paid-up capital to $63.3 million. Moreover, it is planning to deploy the funds to accelerate investment products and add more features to develop its 5 major operational markets.
The further plan is also to buy back its shares of up to $3 million from its workforce or employees to expand and enhance its engineering team in Singapore and other locations too.
The venture was founded in 2017, it offers wealth management and investment solutions for both retail and accredited investors, and its been growing immensely with the ongoing adoption of digitization.
In its last funding round Series C it has raised $16 million which was led by Square Peg. And in its Series, it got $20 million led by Lightspeed venture, and still, there’s a long way to go.