SG-based robo-advisor StashAway raises $16m Series C led by Square Peg
Summary
StashAway has raised $16 million in a Series C round, led by Australian venture capital fund Square Peg, the Southeast Asia-based digital wealth manager said in a statement Monday. Other participants in the round included German media and tech company Hubert Burda Media’s growth capital arm Burda Principal Investments, as well as existing investor and Fidelity-backed Eight Roads Ventures, the statement said. “This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry,” Michele Ferrario, co-founder and CEO of the company, said in the statement. Raj Dugar, the managing partner for India and Southeast Asia at Eight Roads Ventures, said Stashaway’s assets under management had risen more than four times over the past year, even amid volatile markets. It added it has launched an income portfolio and a cash management service since completing the Series B round in mid-2019.