Artificial Intelligence has made some headway in attempting to replace the role of financial advisors and it seems it’s gaining support from backers as well.
Singapore’s first robo-adviser to receive a retail license in Singapore, StashAway, announced on Thursday (March 22) that it has completed a $5.3 million Series A round of funding, thanks to a group of family offices.
Not many investors were named but the startup said they included Asia Capital & Advisors founder Francis Rozario, previous and new investors as well as individuals.
StashAway said the proceeds from this round will be used to develop and enhance the investment service and technology as well as to expand the company overseas.
The company was founded in 2016 to provide an intelligent, easy-to-use, low-cost digital investment platform to help individuals of all net worths to build their wealth.
To date, the company has raised $8.4 million across three funding rounds.
StashAway’s CEO and co-founder Michele Ferrario said: “Our investors have a deep understanding of the wealth management market, and share our vision for how technology can deliver an improved and more cost-efficient approach to investing.”