StashAway, a robo-advisor for both retail and accredited investors, has completed a USD12 million Series B funding round led by Eight Roads Ventures (the proprietary investment arm of Fidelity International), and participated by private equity firm Asia Capital & Advisors. Baker McKenzie Wong & Leow had assisted StashAway with the documentation for the investment.
Baker McKenzie's Asia Pacific Head of Financial Institutions and principal, Stephanie Magnus, who is based in Singapore, led on this matter and was supported by local principal Selwyn Lim. Commenting on today's listing, Stephanie said: "Having worked with StashAway to obtain their Capital Market Services License for Retail Fund Management two years ago, we are once again proud to be part of their growth story in this region."
Michele Ferrario, Co-founder and CEO of StashAway, said: "The financial backing from Eight Roads Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital Advisors, will accelerate our investment product development for our clients in Singapore and Malaysia, while also supporting market expansion throughout the APAC region and doubling down on financial education content development and distribution."
Tens of thousands of people of 125 nationalities and living in 77 countries have opened an account and used the platform since StashAway first launched in Singapore in July 2017. Since its Series A fundraising round in March 2018, StashAway entered its second country, Malaysia, and became the first and only robo-advisor in Singapore to accept the country's Supplementary Retirement Scheme Fund for investments. The company also introduced its own financial education programming, StashAway Academy, targeted towards beginner to expert investors.