Singapore robo-adviser StashAway has raised $5.3 million (SGD $7.0 million) Series A round of funding, bringing its total funding to $8.4 million (SGD $11.1 million)

The new funds will be used to develop its investment service as well as expand it into new markets across the globe. The round was led by family office investor Rozario family.

Michele Ferrario, CEO and co-founder of StashAway, said in a statement today:

Our investors have a deep understanding of the wealth management market and share our vision for how technology can deliver an improved and more cost-efficient approach to investing. We’re excited to take this approach to new markets.

Founded in 2016, StashAway was the first robo-adviser in the city-nation of Singapore to receive a retail license.

Read more at Finextra and TechAsia.