StashAway Raises $3 Million SGD in Pre-series A Fundraising
StashAway, a Singapore robo-advisor for retail customers, announced today that has secured $3 million SGD for its pre-series A round. The proceeds from the round, which will close in the coming weeks, will fulfil MAS’s regulatory capital requirements of $1 million SGD for StashAway’s retail fund management license, as well as go towards launching the investment service in Singapore, continually innovating the platform, and further advancing the underlying investment strategies.
StashAway was founded in 2016 by Michele Ferrario (CEO), Freddy Lim (CIO) and Nino Ulsamer (CTO) to provide an efficient, low-cost, and intelligent digital investment platform that empowers individuals of all net worth to build their wealth. By combining an innovative institutional-level investing strategy with advanced technology, the StashAway team has set out to redefine wealth management. StashAway plans to launch this summer with fees between 0.2% and 0.8%, no minimum balance, and unlimited withdrawals.
The funding round was subscribed by the Rozario family. Francis Rozario is the Founding Chairman and CEO of Asia Capital and Advisors Pte Ltd. Mr. Rozario spent 28 years at Citibank, where he ran businesses in the Middle East, Africa, Latin America, USA, Europe and Asia and in 1996, led the development of the “Commercial Bank” across Emerging Markets globally. From 2003 until 2011, Mr. Rozario was appointed by Temasek Holdings, the Singapore government's sovereign wealth fund, to head its newly formed financial services subsidiary, Fullerton Financial Holdings. Mr. Rozario will join StashAway’s Board of Directors, further strengthening the StashAway leadership team.
“The financial backing and partnership from Francis Rozario and his family supports us in our pursuit to build and scale StashAway powerfully and meaningfully in Singapore, and soon, throughout APAC,” says StashAway’s CEO and Co-founder, Michele Ferrario.
This funding round brings the company’s total funds raised to $3.78 million SGD. In November 2016, the company raised its seed round of $780,000 SGD, led by its founding team, with the participation of a few angel investors.