US-based Stash, the developer of a micro-investment cellular app, has acquired $112 million in capital via a Sequence F funding spherical that was led by LendingTree.
A number of different firms took half in Stash’s newest spherical, together with Breyer Capital, Goodwater Capital, Greenspring Associates, Union Sq. Ventures and property suggested by T Rowe price Associates.
Stash’s current spherical has been accomplished solely a 12 months after it secured $65 million in funding in March 2019.
Stash first started operations by providing a micro-investing app. The corporate plans to develop an “all-in-one financial home,” which can embody banking, investing, consulting/recommendation, and technology-related companies.
Stash reportedly has round 4.three million customers for its subscriptions, which can be bought for as little as $1 (primary companies) and as much as $9 per thirty days. The corporate has greater than $1 billion in property below administration (AUM), that are supported by buyer deposits of solely $28 per transaction.
Stash’s purchasers can buy fractional shares in many various shares and funds. The corporate additionally permits customers to entry their paycheck as much as two days early by way of its on-line banking portal.
Moreover, Stash presents varied cash administration software program instruments and academic sources that goal to advertise monetary literacy.
Stash’s administration famous that the capital raised might be used to help the agency’s progress and growth efforts, and in addition promote model consciousness because it focuses on increase its middle-class buyer base.
Brandon Krieg, CEO at Stash, said:
“We are very fortunate to bring together [experienced] investors, to help accelerate Stash’s goal of bringing digital banking, investing plus financial education and advice to the millions of middle class Americans working hard every day to make ends meet.”
“This massive group has attempted to make financial progress within a system that simply does not serve their best interests or meet their needs. It’s time for them to reconsider the current financial servicing industry as the ‘status-quo’ and take control of their financial life with the customer-obsessed solutions we provide at Stash.”