Ex-Zalora CEO, Michele Ferrario did not want to become an entrepreneur but had a need that nobody could provide for here in the region. Despite 124 pre-launch rejections from early-stage investors, he went about trying to build it himself and Stashaway was then born.

Commonly known as robo-advisors, digital wealth managers or digital investment managers as they are known here in Malaysia, were an exciting development in the financial industry with pioneers such as Wealthfront and Betterment leading the charge 15-16 years ago, pushing the idea of making investing cheaper, easier, and more accessible. That said, the industry has struggled to find a profitable footing, with some players in the US having to adjust or pivot their models in order to make it work.

In this episode of Open For Business, we dive into how Stashaway is navigating this challenge, whether their business model actually works, and if so, what is going to get them in the black. Before that, we take a look back in 2016 and find out why the now-former CEO of Zalora switched industries and jumped into the world of wealth management, how Michele and his co-founders built Stashaway, and the key lessons he has learned from the 8 year journey with the company.