Stash, which helps Americans build diverse investment portfolios, has netted $125m in its Series G funding round after a record year of growth.
The FinTech managed to surpass five million customers and reach $2.5bn in assets under management in 2020. The company also witnessed a 100% increase in account opening times.
It claims that customers have earned around 23 million stock awards through Stash’s Stock-Back card, a debit card that rewards customers with pieces of stock when they buy products with select stores.
Eldridge served as the lead investor for the round, with additional capital coming from Owl Ventures, funds and accounts advised by T. Rowe Price Associates, Goodwater Capital, Entree Capital and others.
Stash offers consumers with an array of tools to help consumers create their own investment portfolios.
In the coming months, the company is launching its new Smart Portfolio feature, which will empower users to create a diverse portfolio that is fully managed by Stash. The service will not chard fees on portfolio size, but is available through a subscription.
Stash CEO and co-founder Brandon Krieg said, “We believe in tried and tested principles of regular, long-term, and balanced investing as the key to building wealth. We therefore built Stash to make diversified investing easy, affordable and accessible, backed by personalized advice and accessible education—in order to avoid the pitfalls of short-term speculation and day-trading.
“This new round of funding enables us to take this mission to millions more Americans.”
The FinTech previously raised $113m in its Series F round last year, with capital coming from LendingTree, funds and accounts advised by T. Rowe Price Associates, Breyer Capital.
The former round was raised to help Stash improve its customer growth and brand awareness.
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