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StashAway’s Ferrario: “We grew 300% amid pandemic, 20% AUM from high net worth clients”

Michele Ferrario, co-founder and CEO of StashAway, a Singapore-based digital wealth management fintech, shared how the company is differentiating itself, its recent growth and key challenges faced

March 23, 2021 | Neeti Aggarwal
  • StashAway has $1 billion assets under management and witnessed 300% growth in 2020
  • It raised $36 million funding, including $16 million last year, which facilitated product enhancements and recent expansion in  Dubai
  • The competition across digital wealth industry has increased, spurring consolidation

Artificial intelligence-based robo-advisor companies have democratised the asset management industry. Industry dynamics is shifting from a pure personalised primary relationship-based investment to technology-driven automated asset management platforms. The COVID-19 pandemic accelerated the growth of many platforms. However, the turbulent times also posed unprecedented challenges.

“COVID-19 and the ensuing lockdowns resulted in many people thinking about their finances more proactively. The market crash, the circuit breaker and the challenging capital market situation will have a few effects on the industry. There was a positive push towards digitalisation. Many traditional players struggled trying to serve their customers, limiting social interactions, and forced to try new solutions that players like us pioneered,” said Michele Ferrario, CEO and co-founder of StashAway.

Established in 2017, StashAway is a digital wealth management fintech company that operates in Singapore and Malaysia. It started operations in Dubai in November 2020. The company achieved a significant milestone when it crossed over $1 billion in assets under management (AUM) early this year.

The pandemic provided a positive push to the company. “In 2020 we have been consistently growing by more than 300% year-on-year in AUM. We more than quadrupled in size this year compared to same month in the previous year,” shared Ferrario.

“High net worth (HNW) clients make up 20% of this AUM. We saw our HNW clients increasing their AUM with us by 3.9 times within 12 months and 9.3 times within 36 ...

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