Things are really heating up in the robo-advisor scene in Singapore lately. Just three weeks ago, I mentioned that StashAway had received in-principle approval for our retail fund management license.
Today, the team behind StashAway was excited to inform me that StashAway had confirmed that it had secured S$3-million for its pre-series A round. The proceeds from the round, which will close this week, will fulfil MAS’s regulatory capital requirements of S$1-million for StashAway’s retail fund management license (guess I learnt something new today), as well as go towards launching the investment service in Singapore, continually innovating the platform, and further advancing the underlying investment strategies.
A Little More Info On The S$3-Mil Funding
The funding round was subscribed by the Rozario family, and Francis Rozario is the Founding Chairman and CEO of Asia Capital and Advisors Pte Ltd. More information on him here. Mr. Rozario will also join StashAway’s Board of Directors. The transaction and Mr. Rozario’s directorship have been approved by MAS.
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.
– StashAway’s CEO and Co-founder, Michele Ferrario
The key point that excites me is the word highlighted in red – Asia Pacific. Like its rival robo-advisor, it would seem like the goal has always been to use Singapore as a launching pad and then branch out towards APAC.
Great news for investors in Singapore, really. Now, all we’ve got to do is wait as the robo-advisors launch. After all, I have already waited for three years. What’s another couple of months?
What Is StashAway?
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 engine 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.
Regardless of whether you’re an intern or looking for a full-time job, if fin-tech start-ups are your cup of tea then you would be delighted to know that StashAway has a couple of positions available.