StashAway To Raise US$ 25 Million Series D Led by Sequoia Capital Indiaby Fintech News Singapore April 26, 2021
Southeast Asian digital wealth manager StashAway is raising US$ 25 million in its Series D funding round led by venture firm Sequoia Capital India.
StashAway’s existing investors, Eight Roads Ventures, the global investment firm backed by Fidelity International and early investor in Alibaba; and Square Peg, a venture capital fund in Australia, also participated in the round.
The transaction will close in the next few months pending necessary regulatory approvals.
This funding round will bring StashAway’s total paid-up capital to US$ 62.6 million and accelerate its investment product and feature developments across its 5 markets.
The company will also offer to buy back up to US$ 3 million in stock options from its employees and expand its engineering team in Singapore and abroad.
Michele Ferrario, Co-Founder and CEO said,
“This vote of confidence by one of the most successful venture capital firms affirms that we’ve been taking the right approach by expanding early into high-opportunity markets, continuing to deepen our product offering, and building a lean and mission-driven team.
These steps have translated into rapid AUM growth since our beginning.”
Abheek Anand, Managing Director, Sequoia India, will be joining StashAway’s Board of Directors as part of the funding round, pending regulatory approvals. Anand has more than 20 years of experience in consumer tech, financial services and deep tech sectors across the US, Southeast Asia and India.
“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.”
Featured image: From Left – Nino Ulsamer, CTO and Co-Founder of StashAway, Michele Ferrario, Co-founder and CEO of StashAway, Freddy Lim, CEO and Co-Founder of StashAway