Singapore: Singapore-based robo-advisor StashAway said it has raised US$16 million in a series C round led by Australian VC major Square Peg.
Hubert Burda Media’s growth capital arm Burda Principal Investments and existing investor Eight Roads Ventures also participated in the round, according to a statement.
Founded in 2016, StashAway is a digital wealth management platform that offers investment and cash management portfolios for both retail and accredited investors. Its technology provides automated and personalised portfolio management, targeting different levels of risk. According to StashAway co-founder and CEO Michele Ferrario, the startup plans to use the new funds to speed up product development and enhance the capabilities of its platform.
The startup also has its own financial education program called StashAway Academy. It has licenses from the Monetary Authority of Singapore and Securities Commission Malaysia, the two countries it currently operates in.