StashAway hits profit milestone in SG as revenue jumps 36%

Wealthtech platform StashAway’s Singapore business turned EBITDA positive in 2024, a sign that the company can grow revenue without ramping up costs.

Across the group, EBITDA loss narrowed to S$5.3 million (US$3.9 million) for 2024 from US$5.9 million in 2023. Revenue jumped 36% year on year to US$10.8 million.

StashAway CEO Michele Ferrario / Photo credit: StashAway

Aside from Singapore, the firm is also present in Malaysia, Dubai, Hong Kong, and Thailand.

Michele Ferrario, co-founder and CEO of StashAway, says growth was driven by existing customers continuing to invest through the platform.

Singapore – StashAway’s main market – was the key driver for revenue growth last year. Revenue for its operations in the country jumped 44.9% year on year to US$8.3 million, while costs dipped slightly to US$11 million.

As a result, its Singapore unit was EBITDA positive at US$1 million, reversing a loss of US$1.3 million in 2023.

In the city-state, marketing expenses inched up to US$617,000 – 7% of total revenue for the unit – compared to US$575,000 in 2023. This meant that growth was from existing customers rather than new customers.

At the group level, marketing costs edged up 36% year on year to US$1.1 million.

Ferrario notes that StashAway’s clients made more investments with the company in 2024, which he attributed to a combination of products introduced in the last three years, such as cash management and fixed income, as well as alternative offerings like private equity and angel investing.

While the company rolled out alternative investment products with high-net-worth individuals (HNWI) in mind, Ferrario admits that these did not see as much growth from HNWIs as its core portfolio offerings. Still, he says that the launch of these alternatives did attract HNWIs to invest more with StashAway.

Hitting a milestone

Singapore is StashAway’s first market to become profitable on an EBITDA basis.

In November 2024, amid falling interest rates, Ferrario told Tech in Asia that net flows from cash management products into investment products on StashAway had “increased tenfold” between June and November last year.

Compared to “traditional players,” which were “more aggressive” in reducing their interest rates on deposit accounts, StashAway’s more competitive returns meant that more users were keeping their cash on the platform, he said at the time.