finance news

StashAway secures USD 16 million in Series C funding led by Square Peg

StashAway secures USD 16 million in Series C funding led by Square Peg
StashAway secures USD 16 million in Series C funding led by Square Peg

StashAway, a Singapore-based online investment management company, has reportedly raised USD 16 million (22 million SGD) in a series C fundraising round, which was led by Australia’s largest venture capital firm Square Peg. Sources close to the matter stated that other investors that participated in the fundraising included Burda Principal Investments, a venture capital division of Hubert Burda Media, along with Eight Roads Ventures and Fidelity investments Inc.

For those uninitiated, StashAway is a digital investment management company that provides cash and investment management portfolios for retail as well as accredited investors. It also offers personalized profile management solutions as well as growth-oriented investment portfolios.

CEO and Co-founder of StashAway, Michele Ferrario was reported stating that the fundraising round has allowed the company to strengthen its balance sheet by securing the paid-up capital to $50.7 million SGD. The financial round will aid StashAway to deploy a new market strategy, as well as enable it to accelerate product development and reinforce their services for clients in Malaysia and Singapore, he added.

According to reliable sources, Tushar Roy, Square Peg’s partner, will be joining StashAway’s board of directors. In this context, he claimed that although the company acknowledges StashAway as a leader in digital wealth management solutions in Southeast Asia, it was the firm’s staff that encouraged the move.

Eight Road Venture’s Managing Partner of India & Southeast Asia, Raj Dugar, claimed that StashAway’s AUM had grown more than 4.3 times since last year despite the market being extremely volatile. He further confirmed that the company is thrilled to join StashAway’s efforts in offering digital wealth management services across the region.

Since its launch in July 2017, StashAway’s portfolios have produced annual returns extending from 11.6% for its highest risk portfolio to 4.9% for its lowest risk portfolio, outperforming all their same-risk benchmarks.

The company has introduced the Income Portfolio in Singapore along with StashAway Simple™, a cash management solution that has been gaining popularity among its customers in Malaysia and Singapore.

Source: https://us.acrofan.com/detail.php?number=315510

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Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.