Miguel Cordon · · 2 min readStashAway logs $6.8m in revenue for 2022, losses land at $20m
StashAway CEO Michele Ferrario (center) with co-founders Freddy Lim (right) and Nino Ulsamer / Photo credit: StashAway
Wealth management startup StashAway saw its revenue rise 13.5% year over year in 2022 to S$9.2 million (US$6.8 million), according to its latest financial report obtained from VentureCap Insights, which tracks regulatory filings in Singapore.
The increase was relatively low compared to the 150% revenue growth it recorded from 2020 to 2021.
Tech in Asia has reached out to StashAway for comment.
StashAway is a robo-advisory firm that offers personalized financial planning and portfolio management for investors. It recently launched StashAway Simple Guaranteed, an investment product that promises guaranteed returns.
The company is present in Singapore, its home base, as well as Malaysia, Hong Kong, Thailand, and the Middle East and North Africa region.
For 2022, the company recorded US$20.1 million in losses, representing roughly a decrease of 12% year on year. The company logged US$27.4 million in expenses in 2022 – down 5.8% compared to the previous year – or about 4x its revenue.
Most of its costs in 2022 came from personnel expenses, which shrank 13% to US$14.2 million compared to the previous year. Notably, the company cut 31 roles in June 2022, or around 14% of its total headcount, due to redundancy.
Meanwhile, the company’s cash and cash equivalents increased by US$5.7 million, with the firm ending the year with US$21.8 million. In September 2022, the wealthtech startup raised funding from companies like Hamilton Lane, Square Peg, and Sequoia Capital. While it didn’t disclose the amount, VentureCap Insights pegged the amount raised at US$12.6 million.
StashAway was founded in 2016 by ex-Zalora CEO Michele Ferrario, former Nomura global head of derivatives strategy Freddy Lim, and Divvit co-founder Nino Ulsamer.
See also: Mapping Southeast Asia’s key wealthtech players
Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.
Editing by Thu Huong Le and Jaclyn Tiu
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