Singapore-based wealth management platform StashAway has raised S$22.3m ($16m) in its Series C funding round.

The round was led by Square Peg, a venture capital fund in Australia. Burda Principal Investments and the company’s existing investor Eight Roads Ventures also participated in the fundraising.

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As part of the investment, Square Peg partner Tushar Roy will join StashAway’s Board of Directors.

StashAway plans to utilise the new proceeds to support its international expansion as well as accelerate product development.

The move comes nearly a year after the company raised $12m in a Series B round, which was led by Eight Roads Ventures.

StashAway co-founder and CEO Michele Ferrario said: “This new round of financing further strengthens StashAway’s balance sheet position, bringing our paid-up capital to S$50.7m.

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“This latest round will enable us to accelerate product development to both broaden and deepen our wealth management offering for our clients in Singapore and Malaysia, as well as support new market entry.”

Roy said: “It was clear to us that StashAway is an obvious leader in Southeast Asia’s digital wealth management industry, but what sealed the deal for us was its people. We haven’t seen such an experienced and driven team in this space.

“The team is now 85 people strong across 5 countries, and they’ve been clearly attracting top-tier talent to drive the company and product forward.”

Founded in 2016, StashAway offers investment and cash management portfolios for retail and accredited investors. The company operates in Singapore and Malaysia.