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Digital wealth manager, StashAway is raising RM103.24 million in its series D funding round led by one of the region’s venture capital firms, Sequoia Capital India.
StashAway’s existing investors, the investment firm backed by Fidelity International, Eight Roads Ventures, and early investors in Alibaba and a venture capital fund in Australia, Square Peg also participated in the round.
This funding round will bring StashAway’s total paid-up capital to RM257.04 million and will accelerate its investment products and feature developments across five markets.
Additionally, the company will also offer to buy back up to RM12.4 million of SGD in stock options from its employees and expand its engineering team in Singapore and abroad.
Co-Founder and Chief Executive Officer (CEO) of StashAway, Michele Ferrario said the vote of confidence by one of the most successful venture capital firms affirms that they have been taking the right approach by expanding early into high-opportunity markets, continuing to deepen their product offering, and building a lean and mission-driven team.
Sequoia India’s Managing Director, Abheek Anand will be joining StashAway’s Board of Directors.
“StashAway is growing rapidly as it fulfils an obvious gap in the digital wealth management space, especially in areas where its competitors may be lacking which in an easy-to-use platform, robust client relationships, and a very sophisticated investing framework,” he added.
Additionally, Co-Founder and Chief Technology Officer (CTO), Nino Ulsamer mentioned that providing up to RM12.4 million of SGD in liquidity to their employees has helped StashAway attract the best talent.
“It shows that startups can succeed and be extremely financially rewarding. We want all our team members to participate in the financial benefits of building a successful company, and our promise to all team members has always been an attractive compensation package that includes a significant amount of stock options in the company,” he concluded.
The transaction will close in the next few months pending necessary regulatory approvals.