SG’s StashAway to raise $25m in Series D round led by Sequoia India

Singapore-based digital wealth manager StashAway is raising $25 million in its Series D funding round led by Sequoia Capital India, according to an announcement.

StashAway’s existing investors Eight Roads Ventures and Square Peg also participated in the round.

The transaction will close in the next few months after securing necessary regulatory approvals, the company said.

The latest capital infusion will bring StashAway’s total paid-up capital to $63.3 million. Proceeds will be used to accelerate investment product and feature developments across its five markets.

The company will also offer to buy back up to $3 million in stock options from its employees and expand its engineering team in Singapore and abroad.

As part of the investment, Sequoia India managing director Abheek Anand will join StashAway’s board of directors, pending regulatory approvals.

“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,” Anand said.

Established in 2017, StashAway offers investment portfolios and wealth management solutions for both retail and accredited investors and operates in Singapore, Malaysia, the Middle East and North Africa, and Hong Kong. The company claims to have surpassed $1 billion in assets under management.

StashAway had raised $16 million in a Series C round led by Square Peg last year.

In March, Singapore-based wealth management platform Endowus was said to be in advanced talks to raise $20 million in its Series A round led by Lightspeed Venture Partners, with participation from SoftBank Ventures Asia.

Meanwhile, digital wealth management player Syfe last year raised S$25.2 million ($18.6 million) in its Series A funding round led by fintech venture capital fund Valar Ventures.

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.