Sequoia joins $25m Series D for Singapore's StashAway

Existing investors Eight Roads Ventures and Square Peg Capital also participated. It brings total investment to date to at least S$84 million, including a $16 million Series C led by Square Peg last year. The latest commitments are expected to receive the necessary regulatory approvals in the next few months.

StashAway provides automated robo-advisory support for retail and accredited investors across Singapore, Malaysia, Hong Kong, and the Middle East, and North Africa. As of January, the company surpassed $1 billion in assets under management. It achieved the milestone faster than the world's largest digital wealth managers, Betterment and Wealthfront, according to a statement.

“StashAway is growing rapidly as it fulfills an obvious gap in the digital wealth management space, especially in areas where its competitors may be lacking: an easy-to-use platform, robust client relationships, and a very sophisticated investing framework,” Abheek Anand, a managing director at Sequoia, said. “StashAway has built trust with its client base by navigating them through market volatility while providing strong returns.”

Since the Series C, the company has launched StashAway Workplace, a corporate financial benefits service, and opened a Dubai office. It will use the latest funding to expand the engineering team and to speed up product development across its geographic footprint. There are also plans to buy back up to S$4 million in stock options from employees, a move that is expected to help attract top talent.

Sequoia Capital secured about $1.3 billion for its India and Southeast Asia strategies last year. Sequoia India has covered Southeast Asia since 2014 and has targeted the robo-advisory space as recently as January, when it led a $30 million round for Indonesia’s Bibit.

Previous backers of StashAway include Burda Principal Investments, Asia Capital & Advisors, and Singapore Rozario family office.

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• Topics
• Southeast Asia
• Financials
• Expansion
• Singapore
• Sequoia Capital
• Eight Roads
• Square Peg Capital
• Financial Services