Singapore-based robo adviser StashAway has raised US$16 million from a group of investors led by Australian venture capital fund Square Peg in its latest fundraising round, and plans to use the money for product development and to expand into new markets.
The amount is equivalent to 80% of the total $20 million raised from its four previous rounds of fundraising.
According to Michele Ferarrio, cofounder and chief executive of StashAway, the new money bolsters the company’s balance sheet and raises its paid-up capital to S$50 million ($36.09 million).
"This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry," he says in a statement on July 27.
He didn’t specify the new markets.
The company currently offers robo-advisory services in Malaysia and Singapore.
Tushar Roy, a partner at Square Peg, describes StashAway as an "obvious leader in Southeast Asia's digital wealth management industry".
"But what sealed the deal for us was its people. We haven't seen such an experienced and driven team in this space," Mr. Roy says in the statement.
StashAway doesn’t publicly disclose its asset figures, saying only that assets under management grew more than four-fold between January and December 2019.