Stash (company)

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Stash Financial, Inc.
TypePrivate
IndustryFinancial technology
FoundedFebruary 2015; 5 years ago (2015-02)
Founder
  • Brandon Krieg
  • Ed Robinson
  • David Ronick
Headquarters,
United States
ProductsInvestment management, investment portfolios, stock portfolios, stock trading
AUMIncrease $2 billion (2020)[1]
Websitewww.stash.com

Stash Financial, Inc., or simply Stash, is an American financial technology and financial services company based in New York, NY. The company operates both a web platform and mobile apps, allowing users to incrementally invest small amounts. By summer 2017, it had approximately 1 million users.[2] As of July 2020, the number has grown to over 5 million.[3]

History and services[edit]

Stash was founded in February 2015 by Brandon Krieg, David Ronick, and Ed Robinson.[4][5]

It was launched on the iOS App Store in October 2015[6][7] and was made available on Android in March 2016.[8]

In February 2018, the firm raised $37.5 million in a Series D funding in a round led by Union Square Ventures.[9] In April 2020, it raised another $112 million in a Series F funding in a round led by LendingTree.[1]

Reception[edit]

In February 2018, CNBC praised the app's easy to use features and automation.[10]

Products and services[edit]

Stash offers retirement, banking, individual investment, and custodial accounts through a subscription model.[3]

Through the web platform and mobile apps, users can invest as little as $0.01 increments into fractional shares of thousands of stocks[6] and more than 80 exchange-traded funds (ETFs).[10][11] Users can invest in personal brokerage accounts, retirement accounts, Roth IRAs, traditional IRAs, or custodial accounts.[12][13] Stash also offers financial education and automatic investing.[14][15]

As of April 2020, Stash lifted asset-based pricing, allowing investors to pay flat fees for their subscriptions i.e. $1, $3, or $9 a month, depending on the plan and services they choose.[16]

See also[edit]

References[edit]

  1. ^ a b Shome, Arnab (April 30, 2020). "Stash Banks $112 Million in LendingTree-Led Funding Round". Finance Magnates. Retrieved October 10, 2020.
  2. ^ Barzilay, Omri (November 9, 2017). "Stash To Build Banking App "For All Americans"". Forbes. Retrieved September 21, 2018.
  3. ^ a b Loudenback, Tanza (July 15, 2020). "A financial app with over 5 million users says retirement account sign-ups have surged during the pandemic — especially among people 65 and up". Business Insider. Retrieved October 10, 2020.
  4. ^ Elkins, Kathleen (October 21, 2016). "Wall Street vets left 6-figure jobs to launch an app that makes investing easy". CNBC. Retrieved September 21, 2018.
  5. ^ Noto, Anthony (12 February 2018). "Investment app Stash secures $37.5 million funding round". New York Business Journal. Retrieved February 9, 2019.
  6. ^ a b Long, Heather (16 October 2015). "How to get started investing...for $5". CNN Money. Retrieved February 9, 2019.
  7. ^ del Castillo, Michael (14 October 2015). "50,000 people on waitlist for app that lets Millennials invest in their beliefs". New York Business Journal. Retrieved February 9, 2019.
  8. ^ McAlone, Nathan (31 March 2016). "Stash is an app that says millennials want to invest based on 'values,' and it's now available on iOS and Android". Business Insider. Retrieved February 9, 2019.
  9. ^ Perez, Sarah (12 February 2018). "Simplified investing app Stash raises $37.5 million Series D as it heads into banking". TechCrunch. Retrieved February 9, 2019.
  10. ^ a b Elkins, Kathleen (16 February 2018). "I used an investing app for the first time and it made for the easiest $300 I ever saved". CNBC Make It. Retrieved February 9, 2019.
  11. ^ McAlone, Nathan (February 9, 2019). "Stash is an app that says millennials want to invest based on 'values,' and it's now available on iOS and Android". Business Insider. Retrieved February 9, 2019.
  12. ^ O'Shea, Arielle; Coombes, Andrea (January 3, 2019). "Stash Review 2019". NerdWallet.
  13. ^ Bahney, Anna (20 February 2018). "How to keep your kids from being ignorant with money". CNN Money. Retrieved February 9, 2019.
  14. ^ Fries, Tim (September 30, 2020). "Best Stock Trading Apps". tokenist.com. Retrieved October 10, 2020.
  15. ^ Kirby, Carrie (5 June 2017). "Everyone's Using Spare Change Apps — Are They Really Worth It?". Wise Bread. Retrieved February 9, 2019.
  16. ^ Lunden, Ingrid (April 29, 2020). "Amid stock market turbulence, investing app Stash raises $112M led by LendingTree". TechCrunch. Retrieved October 10, 2020.