StashAway, a digital wealth management platform based in Singapore, has raised $12m in a Series B round led by Fidelity International’s investment unit Eight Roads Ventures.

As part of the deal, Eight Roads managing partner for Asia Raj Dugar will gain a seat on the StashAway board.

Dugar noted: “The disjointed Southeast Asian wealth management landscape offers great potential to low-cost digital investment managers. StashAway is a regional pioneer in this sector, and we are impressed by the management team’s vision and execution.

“Their transparent pricing, robust investment methodology, and ease of use make for a compelling customer proposition.”

Eight Roads was joined in the fundraising by existing backer Asia Capital & Advisors.

A private equity business headed by Francis Rozario and Aaron Rozario, Asia Capital invested in the Pre-Series A and Series A rounds of StashAway.

The fresh infusion takes the total capital raised by the robo-adviser to date to $20.4m.

With the new capital, StashAway intends to foray into new markets and speed up the development of investment products.

Apart from Singapore, StashAway also has a presence in Malaysia.

It received capital market services licences from the Monetary Authority of Singapore and Securities Commission Malaysia.

The firm’s staff headcount in these two countries is 40.

StashAway co-founder and CEO Michele Ferrario said: “The financial backing from Eight Roads Ventures, one of the earliest investors in Alibaba, alongside the continued support of Asia Capital & Advisors, will accelerate our investment product development for our clients in Singapore and Malaysia, while also supporting market expansion throughout the APAC region and doubling down on financial education content development and distribution.”