Singapore-based fintech startup StashAway has raised S$3 million (US$2.15 million) from the Rozario family — an office with deep banking connections. Previously, StashAway raised a seed round of US$516,200 from its founding team and angel investors.

Francis Rozario, a banking veteran who spent 28 years at Citibank and previously headed Temasek Holdings’ financial services subsidiary, Fullerton Financial Holdings, for eight years, will join StashAway’s board of directors.

The newly-raised funding will be used to further develop StashAway’s robo-advisory platform and advance its investment strategies.

“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,” said StashAway’s CEO and Co-founder, Michele Ferrario, in an official press statement.

More importantly, the newly-injected cash puts StashAway well above the S$1 million (US$719,000) minimum required capital it needs to receive a retail fund management license from the Monetary Authority of Singapore (MAS). StashAway received in-principle approval for its Capital Market Services License for Retail Fund last month.

Ferrario said StashAway will go live in a few months. The waitlist is, however, now open for registration.

Also Read: Singapore fintech startup 4xLabs offers solutions to forex firms; raises US$1.5M from Dymon Asia, OSK Ventures

Founded in 2016, StashAway aims to democratise institutional-level investing advisory services via its robo-advisors. Its platform is available to all investors regardless of net worth (as long as they are at least 18 years old).

There is no minimum balance required and they are allowed to withdraw at any time. It monetises through its management fees, which range from 0.2 per cent to 0.8 per cent.

To create a personalised portfolio, StashAway’s clients can specify their salary, monthly savings capacity, risk preferences, and time horizon to financial goal. The system will then design an intelligent portfolio of exchange-traded funds (ETFs) and a monthly investment strategy.

Image Credit: StashAway