Singapore Fintech Startup StashAway Raises US $2.2 Million in Series A

According to TechinAsia, StashAway, a Fintech startup based in Singapore focused on providing wealth management, announced it had secured US $2.15 million in funding for its Series A round.

StashAway is a software solution for individual investors to manage their investment portfolio. StashAway claims to utilize dozens of algorithms, automation, and an expert team of investors to create a tech-based investment management platform, what some in the industry have termed “robo-advisors”. Investors answer a series of questions as input variables, such as: what goals you want to achieve and when, how much you can invest each month, and how much risk you are willing to take with your money. Using the information gathered, the platform designs a personalized investment portfolio which the investor has full control over. Investors can subscribe to StashAway’s service by paying a monthly fee based on a percentage of the total amount invested through the platform (the company advertises that the fee could be as low as 0.2%). Although the company hasn’t officially launched its platform yet, people can subscribe and be added to a waitlist on the company’s site.

According to the article, the bulk of the series A funding came from the Rozario family. Francis Rozario, founding chairman and CEO of Asia Capital and Advisors, will be joining StashAway’s board of directors. Co-founder and CEO, Michele Ferrario previously served as the CEO of Zalora Group, one of the largest e-commerce fashion retailers in South East Asia. Co-founder and CIO, Freddy Lim previously worked at Nomura International as their Managing Director of the Global Derivative Strategies team. The company currently has 12 employees but it seems after the successful Series A fundraising, the number will soon jump. The LinkedIn profiles for all the co-founders has the phrase “WE ARE HIRING” prominently listed.

Singapore has been a hotbed for fintech companies recently, with numerous startups closing on successful fundraising rounds. With the city-state vying to be the premier innovation hub in the region, another successful raise by a fintech startup shows there will be no slowing down.

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