Micro-investment platform Stash has picked up $40m for its Series C funding round to help accelerate its technology and data analytics.
Backers to the round included Coatue Management, Breyer Capital, Goodwater Capital and Valar Ventures.
The US-based company allows users to invest in ‘high-quality’ funds in a safe and secure way. The platform lets people make an investment from a minimum of $5, with a choice of over 35 investments based on beliefs and interests.
Currently the company services 850,000 accounts, with 86 per cent of these being first-time investors. This year Stash has already added half a million new users to the platform and has 25,000 new customers join each week.
This capital injection will help Stash improve its platform with more personalisation, education tools and new products. Later this year the company is launching an iOS-based retirement platform, Stash Retire.
Stash CEO and co-founder Brandon Krieg said, “When it comes to investing, too many Americans are standing on the sidelines because they’re unsure where and how to begin. Stash is the only investment platform focused on educating and empowering beginner investors.
“For too long, the financial services industry only made investing accessible to the rich, but at Stash, we believe anyone can become an effective investor with the right tools and education.”
This latest funding brings the total capital raised to around $78m, with the firm receiving a $25m Series B late last year.
Copyright © 2017 FinTech Global