StashAway, a digital wealth manager for both retail and accredited investors, has completed a USD 16 million Series C funding round led by venture capital fund Square Peg and with participation by Burda Principal Investments and by Series B-round lead investor Eight Roads Ventures. 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 associate Alina Tan. "Having worked with StashAway to obtain their Capital Market Services License for Retail Fund Management two years ago and their Series B funding last year, we are very pleased to continue our involvement in this latest round of successful funding," said Stephanie.
Michele Ferrario, Co-founder and CEO of StashAway, had said in their media release that their deeper cash positions means that they can further accelerate product development and be able to expand StashAway's offerings to more countries in the region. StashAway currently has offices in Singapore, Malaysia, Thailand, Hong Kong, and the UAE. Since their Series B fundraising a year ago, they have introduced a free financial education curriculum within their app, launched an Income Portfolio in Singapore and a cash management portfolio called StashAway Simple™ in Singapore and Malaysia.