StashAway, Southeast Asia’s largest and fastest-growing digital wealth manager has secured $22.3 million in its Series C funding on Monday (July 27).

The round was led by Square Peg, the largest venture capital fund in Australia. This was followed by Burda Principal Investments, the growth capital arm of German media and tech company Hubert Burda Media; as well as existing investor Eight Roads Ventures, the global investment firm backed by Fidelity and early investor in Alibaba.

Eight Roads Ventures previously led the US$12 ($16.56 million) Series B funding for the company in 2019.

Michele Ferrario, co-founder and CEO of StashAway says that the latest round of financing has brought StashAway’s paid-up capital to some $50.7 million.

“This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry,” he says.

Square Peg’s partner Tushar Roy will join StashAway’s board of directors. He comes with over 20 years of professional experience investing and consulting across industries and geographies.

As at end June, StashAway’s portfolios have generated annualised returns ranging from 11.6% for its highest risk portfolio, and 4.9% for its lowest risk portfolio since it launched in July 2017.