Digital wealth management plaform StashAway has announced its acquisition of Singapore-based online wills platform MakeGoodwill for an undisclosed amount.
MakeGoodwill will continue operating as a standalone brand following the acquisition, StashAway said in a statement. The deal marks the digital wealth manager’s first expansion into legacy planning.
It also broadens StashAway’s services beyond investing and cash management.
“Bringing MakeGoodwill into StashAway means we can support clients through some of their most important financial decisions, from investing to planning their legacy,” said StashAway co-founder and CEO Michele Ferrario.
MakeGoodwill allows Singapore residents to prepare a will online by answering a series of guided questions. The process takes about an hour, according to the company.
More than 1,100 wills have been created through the platform since its launch. Its templates were developed by Singapore lawyers and designed to comply with local laws, according to the announcement.
MakeGoodwill charges S$179 ($140) for its service, compared with the S$500 to S$1,500 typically charged by traditional law firms, according to StashAway. The package includes unlimited revisions for one year, after which users can pay S$35 annually to continue editing their documents.
StashAway said the acquisition addresses a gap in estate planning among Singapore residents. A YouGov study cited by the company found that only 22% of Singaporeans had a legally drafted will.
A separate survey of StashAway clients found that three-quarters had no will, while more than 40% of those who had one said it was outdated. The company did not disclose the survey’s sample size or when it was conducted.
The deal comes as StashAway and its subsidiaries cut their cash burn in 2024 as revenue increased 44.1% and annual loss dropped 22.7%, according to financial statements filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The filings, seen by DealStreetAsia, showed that StashAway’s revenue rose to $10.45 million for the year ended December 31, 2024, from $7.25 million a year earlier. The revenue came entirely from asset management fees, which are charged based on clients’ daily average net assets under management.
Established in 2017 by former Zalora CEO Michele Ferrario, former Nomura global head of derivatives strategy Freddy Lim, and Divvit co-founder Nino Ulsamer, StashAway offers investment portfolios and wealth management solutions for both retail and accredited investors.
