Singapore based digital financial advisor StashAway has raised $2.15m in pre-Series A funding led by Francis Rozario. Founded by Michele Ferrario, Freddy Lim, and Nino Ulsamer, StashAway positions itself as an alternative to traditional financial advisors. It operates on a monthly subscription, using a robot advisor to aid clients in making intelligent investments without the need for a consultant.
The latest investment brings total funds raised to $2.72 million. The wealth advisor closed a seed round of $561,000 in November 2016, led by its founding team and a few angel investors. Currently, it has a team of 10 staff. Ferrario is the former chief executive of the Zalora Group, while Lim is the former managing director and global head of derivatives at Nomura. Ulsamer has previously managed software companies. According to StashAway, closing this round translates to it having sufficient funds to be eligible for a retail fund management license from the Monetary Authority of Singapore (MAS), which requires firms to possess a minimum capital amount of S$1 million.