Singapore-headquartered Stashaway is looking to raise $25m (£18m, €21m) to accelerate investment product and feature development across the markets it operates in, writes FSA‘s sister publication International Adviser.
Currently, the digital wealth management firm has a presence in Singapore, Malaysia, the Middle East, North Africa, and Hong Kong.
The series D funding round will bring the total paid-up capital to $61.4m and will be led by Sequoia Capital India.
The digital wealth manager will offer to buy back up to $3m in stock options from its employees, as well.
Stashaway’s existing investors also participated in the latest round. They include, Fidelity International-backed investment firm Eight Roads Ventures, and Square Peg, the largest venture capital fund in Australia.
The transaction will close in the next few months pending necessary regulatory approvals, the firm said.
Michele Ferrario, co-founder and chief executive of Stashaway, 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.”
The firm surpassed $1bn in assets under management in January 2021.
As part of the funding series, Sequoia India managing director Abheek Anand will join the digital wealth firm’s board of directors, pending regulatory approval.
He said: “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.”