The financing round is being led by Sequoia Capital India, with participation from StashAway’s existing investors Eight Roads Ventures and Square Peg. Credit: Nattanan Kanchanaprat from Pixabay.

Robo-adviser StashAway has unveiled plans to raise $25m in its Series D funding round to accelerate investment product and feature developments across its five markets.

The financing round is being led by Sequoia Capital India and joined by the company’s existing investors Eight Roads Ventures and Square Peg.

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The transaction is expected to close in the next few months, subject to regulatory approvals.

StashAway’s total paid-up capital will touch $61.4m following the completion of the latest fundraise.

The firm said it also intends to use the proceeds to buy back up to $3m in stock options from its employees and bolster its engineering team in Singapore and globally.

StashAway co-founder and CEO said: “This vote of confidence by one of the most successful venture capital firms affirms that we’ve been taking the right approach by expanding early into high-opportunity markets, continuing to deepen our product offering, and building a lean and mission-driven team. These steps have translated into rapid AUM growth since our beginning.”

Speaking about buying back employee shares and expanding the team, StashAway co-founder and CTO Nino Ulsamer added: “Providing up to $3m in liquidity to our employees helps StashAway attract the best talent; it shows that startups can succeed and be financially rewarding.”

Sequoia India managing director Abheek Anand will join StashAway’s board of directors following the funding round.

Anand is said to have over two decades of experience in consumer tech, financial services, and deep tech sectors in the US, Southeast Asia, and India.

Commenting on the development, Anand said: “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: an easy-to-use platform, robust client relationships, and a very sophisticated investing framework. StashAway has built trust with its client base by navigating them through market volatility while providing strong returns.”

Earlier this month, StashAway expanded its presence to Hong Kong.  It followed the company’s entry into to the UAE with the launch of services in the Dubai International Financial Centre (DIFC).

Last July, StashAway raised 16m in a Series C funding round to support its international expansion and product development.