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.