StashAway, reportedly the first robo-adviser to receive a retail license in Singapore, has completed a USD $5.3 million (SGD $7.0 million) Series A funding round. According to the company, a group of family offices and new investors as well as previous investors in the business, such as the Rozario family and other individual investors, subscribed to the round. Francis Rozario is the Founding Chairman and CEO of Asia Capital and Advisors Pte Ltd. and a Fund Manager registered under the Monetary Authority of Singapore.
“The continued backing from some of our original investors, including the Rozario family, and the additional investment from a new investor show the true potential and scalability of the new kind of investment service we are building,” indicated StashAway CEO and co-founder Michele Ferrario. “Our investors have a deep understanding of the wealth management market, and share our vision for how technology can deliver an improved and more cost-efficient approach to investing. We’re excited to take this approach to new markets.”
The proceeds will be used to develop and enhance the investment service and technology, as well as to launch StashAway overseas into new markets and expand its reach to new customers. Interest and users of digital investment platforms have proliferated over the past 12 months, and StashAway has spotted opportunities in additional markets globally. The company is still hiring, anticipating the growth.
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Founded in 2016 by former ZALORA Group CEO, Ferrario (CEO); former MD and Global Head of Derivatives Strategy at Nomura, Freddy Lim (CIO); and serial tech entrepreneur, Nino Ulsamer (CTO), StashAway aims to provide an intelligent, easy-to-use, low-cost digital investment platform that empowers individuals of all net worths to build their wealth. In addition to a data-driven, economic regime-based asset allocation investment strategy, StashAway touts its low fee structure of between 0.2% and 0.8%, no minimum balance and unlimited withdrawals.
To date, the business has raised USD $8.4 million (SGD $11.1 million) across three funding rounds, including a May 2017 US $2.15 million round.