StashAway, a company that claims to be the first robo-adviser to receive a retail license in Singapore, announced on Monday it raised $12 million through its Series B funding round. Investors of the round include Eight Roads and Asia Capital & Advisors! Eight Roads, the proprietary investment arm of Fidelity International, was one of the earliest investors in Alibaba; and Asia Capital & Advisors has been backing StashAway since 2017.
Founded in 2016, StashAway describes itself as a digital wealth manager that intelligently navigates macroeconomic data, not the market ups and downs. The company personalizes financial planning and portfolio management for the vast range of needs of retail and accredited investors alike.
“Our proprietary investment strategy, ERAA (Economic Regime-based Asset Allocation) uses macroeconomic data to maintain each investors’ personal risk preferences through any economic environment. ERAA’s intelligent asset allocation approach minimises risk and maximises returns by reading thousands of data points to determine current and upcoming economic environments, navigating economic uncertainty, and seeking asset class valuation gaps.”
Speaking about the investment round, Michele Ferrario, Co-founder and CEO of StashAway stated:
“The financial backing from Eight Roads Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital & Advisors, will accelerate our investment product development for our clients in Singapore and Malaysia, while also supporting market expansion throughout the APAC region and doubling down on financial education content development and distribution.”
Raj Dugar, Managing Partner Asia at Eight Roads Ventures, added:
“The disjointed Southeast Asian wealth management landscape offers great potential to low-cost digital investment managers. StashAway is a regional pioneer in this sector, and we are impressed by the management team’s vision and execution. Their transparent pricing, robust investment methodology, and ease of use make for a compelling customer proposition. We look forward to supporting StashAway as it continues to improve the way individuals throughout the region manage their money and build wealth.”