Investing and banking platform Stash has collected $113m in its Series F funding round, shortly after it surpassed more than $1bn in assets under management (AuM).
Investors to the round included LendingTree, funds and accounts advised by T. Rowe Price Associates, Breyer Capital, Goodwater Capital, Greenspring Associates, Union Square Ventures, Entree Capital and other investors.
With the close of the round, the company will use the funds to boost customer growth, brand awareness and boost its efforts in improving financial stability, it claims.
Stash helps consumers with their personal finance by offering a single solution which combines investing, banking, advice and education.
In April, the FinTech surpassed $1bn AuM, which were fuelled by customer deposits of $28 at a time. During Q1 2020, Stash witnessed a 100% increase in the weekly customer deposits across banking and investing.
LendingTree founder and CEO Doug Lebda said, “Stash’s mission to help Americans achieve financial progress is complementary to ours in every way, and we’ve been impressed with Stash’s speed of execution and commitment to positive customer outcomes.
?The focus on meaningful financial progress is so relevant, especially in today’s economic environment which has only been amplified by the current pandemic. Giving customers a way to make real strides in achieving financial security is incredibly powerful to our combined missions.”
Last year, Stash raised $65m in a funding round from backers including Union Square Ventures and Breyer Capital.
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