StashAway lays off 14% of staff

Singapore-based robo-advisor StashAway has cut 31 staff members, Tech in Asia understands.

Pic credit: StashAway

A company spokesperson confirmed the matter with us, saying that a recent restructuring initiative left the 31 roles – which span five markets and make up 14% of the company’s headcount – redundant.

StashAway, which touts itself as a digital wealth management platform, was founded in 2016 by former Zalora CEO Michele Ferrario, former Nomura global head of derivatives strategy Freddy Lim, and Divvit co-founder Nino Ulsamer.

The layoffs come after the company raised US$25 million in a series D funding round led by Sequoia Capital India in April last year.

At the time, StashAway said in a statement that it would use the funds to accelerate product and feature development.

Besides Singapore, the robo-advisor also offers its services in Malaysia, Hong Kong, Thailand, and the Middle East and North Africa region.

In 2020, the startup registered a revenue of close to US$2.4 million and lost US$10.2 million (in earnings before interest and taxes), according to VentureCap Insights.

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