StashAway 2024 Revenue Up 44% as Asset Management Fee Income Grows

StashAway’s latest filings point to tighter cost control at the digital wealth platform, with revenue growth outpacing expenses in 2024, according to DealStreetAsia.

Revenue for the year ended 31 December 2024 rose 44.1% to US$10.45 million from US$7.25 million in 2023, driven entirely by asset management fees.

Net loss narrowed to US$8.43 million from US$10.91 million, while operating costs rose just 2.1% to US$19.38 million.

Expenses Stay Largely Flat

CEO and co-founder Michele Ferrario attributed the revenue growth to clients investing more through StashAway, supported by its broader investment suite.

Personnel remained the largest cost item at US$12.49 million, including US$3.22 million in share-based compensation.

Marketing expenses rose to US$1.14 million, while technology and research and development costs fell to US$1.64 million.

According to Ferrario, StashAway’s Singapore business reached EBITDA profitability in 2024, with a 39% EBITDA before marketing margin.

Cash and cash equivalents fell to US$8.03 million at end-2024 from US$14.07 million a year earlier.

Total assets declined to US$17 million from US$22.3 million, mainly due to the lower cash balance.

Accumulated losses rose to US$82.1 million from US$73.7 million.

The group also reported US$50.4 million in unused tax losses, though these were not booked as deferred tax assets.

StashAway has US$1 billion in assets under management and has raised US$74 million to date.

 

 

Featured image: Edited by Fintech News Singapore, based on image by StashAway