Singapore: Robo-advisor StashAway secures $5.3m in Series A

Image from the StashAway website

Singapore-based digital wealth advisor StashAway has secured $5.3 million in Series A funding round from a group of existing and new investors, including family offices, the company said in a statement on Thursday.

StashAway said it will use the fresh funds to develop and enhance its investment service and technology. It will also launch StashAway into new markets overseas.

“Interest and users of digital investment platforms have proliferated over the past 12 months, and StashAway has spotted opportunities in additional markets globally,” the company said.

Founded by Michele Ferrario, Freddy Lim, and Nino Ulsamer in 2016, StashAway positions itself as an alternative to traditional financial advisors. It operates on a monthly subscription model, using a robot advisor to aid clients in making investment decisions without the need for a consultant.

“Our investors have a deep understanding of the wealth management market, and share our vision for how technology can deliver an improved and more cost-efficient approach to investing. We’re excited to take this approach to new markets,” said Michele Ferrario, CEO and co-founder of StashAway

The funding round followed StashAway’s $2.15-million pre-Series A round led by the family of Singapore-based Francis Rozario, the founding chairman and CEO of Asia Capital and Advisors. The Rozario family also participated in the latest Series A funding round.

The pre-Series A round last year gave StashAway sufficient funds to be eligible for a retail fund management license from the Monetary Authority of Singapore (MAS), which requires firms to possess a minimum capital amount of S$1 million.

To date, the business has raised S$11.1 million ($8.4 million) across three funding rounds.

Robo-advisers have been growing in popularity in Singapore, with OCBC Bank among the first to launch robo-advisory services.

According to a CB Insights report released last year, the most well-funded robo-advisor in the world is US-based Personal Capital, which has raised over $200 million in funding, while the most well-funded non-US company is China-based Wacai, which has raised $186.6 million.

Singapore, despite its size, accounts for only 3 per cent of global deal share when it comes to robo-advisors, according to the report.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.