Southeast Asia based StashAway, a digital wealth manager, is reportedly raising $25 million as part of its Series D funding round that is being led by VC firm Sequoia Capital India.
StashAway’s current investors, Eight Roads Ventures, the international investment company supported by Fidelity International and early backer in Alibaba; and Square Peg, a VC fund based in Australia, are also taking part in StashAway‘s investment round.
The transaction is expected to be finalized in the coming months, after the customary regulatory approvals.
This latest funding round will bring StashAway’s total paid-up capital to $62.6 million and should help support its investment product and feature developments across its five main markets. The firm will also offer to buy back as much as $3 million in stock options from its workers and also intends to grow its engineering team in Singapore and overseas.
Michele Ferrario, Co-founder and CEO of StashAway, stated:
“This vote of confidence by one of the most successful venture capital firms affirms that we’ve been taking the right approach by expanding early into high-opportunity markets, continuing to deepen our product offering, and building a lean and mission-driven team. These steps have translated into rapid AUM growth since our beginning.”
Abheek Anand, MD at Sequoia India, will reportedly be joining StashAway’s board of directors as part of the deal (subject to regulatory approvals). Anand has over 2 decades of work experience in consumer tech, financial services and deep tech roles across India, Southeast Asia, and the United States.
Abheek Anand remarked:
“StashAway is growing rapidly as it fulfils an obvious gap in the digital wealth management space, especially in areas where its competitors 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 through market volatility while providing strong returns.”
As covered earlier this month, StashAway said it would offer services to Hong Kong consumers after obtaining a license from the Securities and Futures Commission. As reported in January 2021, StashAway revealed it’s now managing $1 billion in client assets.
In June 2020, the company secured $16 million through a Series C funding round.