StashAway said July 29 that it closed a $12 million Series B round led by, the investment arm of Fidelity International. Asia Capital & Advisors participated in the round. StashAway is a robo-advisor for both retail and accredited investors.
SINGAPORE, July 29, 2019 /PRNewswire/ — StashAway, a robo-advisor for both retail and accredited investors, has completed a USD$12 million (SGD$16.4 million) Series B round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International. Asia Capital & Advisors, the private equity firm led by Francis Rozario and Aaron Rozario, also participated. Asia Capital & Advisors invested in StashAway’s Pre-Series A and Series A. This round brings StashAway’s total funds raised to date to USD$20.4 million.
StashAway is a digital wealth management platform that delivers automated, personalised portfolio management to each client’s individual portfolios. Its risk-management investment strategy, ERAA® (Economic Regime-based Asset Allocation), is designed to maximise clients’ long-term returns while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
Tens of thousands of people of 125 nationalities and living in 77 countries have opened an account and used the platform since StashAway first launched in Singapore in July 2017. Since its Series A fundraising round in March 2018, StashAway entered its second country, Malaysia, and became the first and only robo-advisor in Singapore to accept the country’s Supplementary Retirement Scheme Fund for investments. The company also introduced its own financial education programming, StashAway Academy, for investing beginners to experts, and everyone in between.
Michele Ferrario, Co-founder and CEO of StashAway says, “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 commented, “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.” Raj Dugar will join the Board of Directors, bringing over fifteen years of leadership experience, including tenures at both The Carlyle Group and Goldman Sachs.
Asia Capital & Advisors also participated in StashAway’s fundraising for the third consecutive round. “Since launch, StashAway has proven not only to be at the forefront of advancing the investment experience, but has also shown, especially over the past year of significant market volatility, the resilience of the investment strategy and the team in dealing with market ups and downs,” said Francis Rozario, who was previously the CEO and Executive Director of Fullerton Financial Holdings, a subsidiary of Temasek Holdings. “StashAway has emerged as a market leader for low-cost, sophisticated, institutional-level investing for retail and accredited investors alike. This has only served to further increase my confidence that the business can continue this trend in additional underserved markets in the region.”
StashAway was founded in 2016 in Singapore by former ZALORA Group CEO, Michele Ferrario (CEO); former MD and Global Head of Derivatives Strategy at Nomura, Freddy Lim (CIO); and serial tech entrepreneur, Nino Ulsamer (CTO) and operates in Singapore and Malaysia. StashAway has a Capital Market Services License for Retail Fund Management from the Monetary Authority of Singapore, and a Capital Market Services License for Digital Investment Management from Securities Commission Malaysia. StashAway has 40 employees in Singapore and Malaysia. The company has raised $20.4 million USD in three funding rounds.
About Eight Road Ventures
Eight Roads is the proprietary investment arm of FIL, Fidelity International Limited. In Ventures, Eight Roads invests in high quality, high-growth companies in Asia, Europe and the US, with a focus on technology, healthcare and consumer. Eight Roads is committed to making the companies it invests in leaders in their industries through access to patient capital, a powerful network of resources and a team of investment professionals with a proven track record of success. Eight Roads investments in India and Southeast Asia include Akulaku, BankBazaar, Chai Point, Cipla Health, Eywa, Icertis, Laurus Labs, Manthan Systems, Netmagic (NTT), Northern Arc Capital, Shadowfax and Silot.
About Asia Capital & Advisors
Asia Capital and Advisors (“ACA”) was founded in 2011 by Francis Rozario, former CEO of Fullerton Financial Holdings, the financial sector investment subsidiary of Temasek. Since its inception, ACA has focused on transformative investments into the financial sector in Asia, with a particular emphasis on financial inclusion for individuals and small businesses, business transformations, and start-ups. In recent years ACA’s investments have focused on how financial technology can improve the efficiency and access to financial services in an increasingly digitized world.