Stackin’, a text message-based financial advice platform, has collected $12.6m in its Series B round which was led by Octopus Ventures.
Additional support came from new and existing backers Experian Ventures, Cherry Tree Investments, Dig Ventures, Mucker Capital, Unlock Venture Partners, TechStars and Wavemaker Partners.
The fresh funds will help the company to deepen its relationship with subscribers with better personalisation. Capital will also be used to simplify financial product onboarding, expand its product suite and move into the UK market.
The company is looking to expand its marketplace, which currently offers deposit, checking and investing products, to also offer credit cards, loans and insurance. Additionally, the company is looking to boost personalisation with information based on interests, data, engagements and aspirations.
Stackin’ aims to help younger consumers with a personalised financial goals. The platform sends a user a text message that offers various ways to save money, reduce debt and start investing.
The platform sends more than 100 million text messages to mover 100 million text messages
In conjunction with the deal, Octopus Ventures principal Marieke Christmann will join the Stackin’ board of directors.
Octopus Ventures principal Marieke Christmann said, “For those of us living in big cities, exposed to lots of advertising, it’s easy to forget that large parts of the population are unaware of the range of financial services available to them, often those with better service and superior value. Stackin’s mission is all about increasing access to financial products and it’s clear that this has resonated with millions in the US across a broad demographic.
“With its deep fintech expertise and array of direct to consumer offerings, the opportunity for expansion in the UK is just as exciting, and we look forward to helping Scott and the team make this a reality.”
The company recently formed a partnership with Twilio and Google to make use of the Stackin’ Verified SMS service. The tool enables select partners to send branded and authenticated SMS to build trust, maintain brand integrity and boost customer engagement.
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