Singapore-based digital wealth management startup StashAway just raised US$12 million in their Series B funding.
The round was led by Fidelity International’s investment arm Eight Road Ventures, and joined by returning investor Asia Capital & Advisors.
It brings StashAway’s total funding to US$20.4 million till date.
Founded by former Zalora Group CEO Michele Ferrario, Nino Ulsamer and Freddy Lim in 2016, StashAway is a robo-advisor that “delivers automated, personalised portfolio management to each client”.
They employ a risk management investment strategy that maximises clients’ long-term returns, while keeping each individual customer’s specific risk exposure constant through changing economic cycles.
The startup targets both retail investors and accredited investors.
StashAway launched its service in Singapore in July 2017, and later became the country’s first robo-advisor to accept the Supplementary Retirement Scheme Fund for investments.
They later expanded to Malaysia in 2018, and now see “tens of thousands of people [based in] 77 countries” using their service, according to a press release.
The company also introduced its financial education programming, StashAway Academy, that caters to anyone from beginners to experts in investing.
With the new funds, StashAway plans to accelerate their product development and enter new markets in the region.