StashAway, a digital wealth advisor based in Singapore, today announced it secured a US$2.15 million pre-series A round.
It’s a software you can subscribe to for a monthly fee, a so-called robo-advisor – designed to help you make smarter investment decisions without having to pay an expensive consultant.
Closing this round means StashAway has enough cash to be eligible for a retail fund management license. The Monetary Authority of Singapore’s minimum capital requirement for this is S$1 million, according to StashAway. The startup says it will deploy funds towards its launch in Singapore, improving the platform and its underlying investment strategies.
The service is set to launch within the next months, but right now, you can only sign up for a waiting list.
The funds come from the Rozario family. Francis Rozario, based in the city-state, is founding chairman and CEO of Asia Capital and Advisors. He’s a finance industry veteran with decades of experience working across emerging market and will join StashAway’s board of directors.
Founded by former Zalora Group CEO
StashAway was founded by Michele Ferrario, former CEO of the Zalora Group, Freddy Lim, former managing director and global head of derivatives at Nomura, and Nino Ulsamer, who has also previously managed software companies.
The startup now has 10 full-time employees based in Singapore.
This funding round brings the company’s total funds raised to US$2.72 million. In November 2016, the company raised its seed round of US$561,000, led by its founding team, with the participation of a few angel investors.
Converted from Singapore Dollar. Rate: S$1 = US$0.72.
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