Proceeds from the new Series G funding round will be used to facilitate long-term investment opportunities for US customers
Stash raises $125m to fuel continued growth. (Credit: Capri23auto from Pixabay.)
US-based financial technology company Stash has secured $125m in Series G funding led by Eldridge, to support its continued growth.
New and existing investors including Owl Ventures, funds and accounts advised by T. Rowe Price Associates, Goodwater Capital, Entree Capital also participated in the funding round.
Stash offers a personal finance app that helps make investing easy and affordable US customers and helps them create diversified investment portfolios.
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 personalised 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.”
Stash said that the new investment follows a year of record growth in 2020, with an increase in customers to five million, and $2.5bn in assets under management.
The company has seen a 100% rise in account openings in the previous year, driven by automated and recurring deposits of just $31 at a time.
Also, its customers earned around 23 million stock awards through its Stock-Back Card, which rewards customers with pieces of stock, to help them invest as they spend.
Eldridge chairman and CEO Todd Boehly said: “Stash’s simple, affordable, and transparent product offers people a better solution to build wealth for the long term.
“The Stash team has achieved remarkable growth and scale. We are excited to support them as they continue to grow and build more tools to help Americans build diversified investment portfolios.”