Stackin’, a text-based personal finance service, has collected $4m in its Series A round to support the launch of new banking and investing features on its app.
Venture capital firms Experian Ventures, Dig Ventures, and Cherry Tree Investments co-led the round, with other commitments coming from Social Leverage, Wavemaker Partners, and Mucker Capital.
With the burst of funding, the company will launch banking and investor services, increase user acquisition, and expand its operations.
Stackin’ uses personalised messaging to help US-based millennials identify ways to improve their finances and bolster their savings. Currently, the app is used by over 500,000 users to access advice on savings and investing.
Founded in 2017, the application will send texts to users regarding spending analysis, savings reminders, stock alerts and how to create a diversified portfolio with as little as $5.
The company recently released Stackin’ Cash, a free personal high-interest checking account. Users get a 1.00 per cent APY on the deposit balance, free ATM withdrawals worldwide, and no monthly maintenance fees. The service is powered by virtual bank Radius Bank.
As part of the deal, Dig Ventures founder Ross Mason will join the company board of directors.
Stackin’ CEO and co-founder Scott Grimes said, “Stackin’ is fundamentally changing the shape and context of what a financial relationship means by creating a fun, inclusive and judgement free environment that empowers our users to learn and take action through messaging. This funding allows us to build out new features around banking and investing that will enhance the relationship with our customers.”
This is the second personal finance solution Experian Ventures has backed this month. The firm recently made an undisclosed investment into Germany-based bonify, which supplies consumers with an app to manage their accounts and improve savings.
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