NEW YORK, Feb. 3, 2021 /PRNewswire/ – Stash, the finance app that helps everyday Americans build diversified investment portfolios, today announced $125 million in Series G funding, following a year of record growth in 2020.
“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,” said Brandon Krieg, CEO and Co-Founder of Stash. “This new round of funding enables us to take this mission to millions more Americans.”
2020 was a record growth year for Stash. With upwards of five million customers and $2.5 billion in AUM, Stash saw a 100% increase in account openings in the last year, fueled by automated and recurring deposits of just $31 at a time. Additionally, customers have earned nearly 23 million stock awards via Stash’s Stock-Back® Card—a debit card that rewards customers with pieces of stock, enabling them to invest as they spend. The company also saw an increase of approximately 50% in the number of customers automating their investments to help better navigate last year’s market volatility—a testament to the strength of Stash’s long-term investment philosophy.
"Stash's simple, affordable, and transparent product offers people a better solution to build wealth for the long term," - Todd Boehly, Chairman and CEO of Eldridge.
“Stash’s simple, affordable, and transparent product offers people a better solution to build wealth for the long term,” said Todd Boehly, Chairman and CEO of Eldridge, who led the round, with additional funding from new and existing investors, including Owl Ventures, funds and accounts advised by T. Rowe Price Associates, Inc., Goodwater Capital, Entree Capital, and others. “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.”
Stash continues to challenge the status quo by making long-term investing even easier and more affordable. The company is always adding new products and features to the platform and is actively growing the team to meet increased demand. In the coming weeks, Stash will launch Smart Portfolios,7 allowing customers to build long-term, diversified portfolios that are fully managed by Stash. The new offering—built for the millions of Americans who want to invest, but don’t know where to start—aims to further help customers avoid the risks of day-trading. Unlike other institutions, Stash will not charge fees based on portfolio size. Instead, Smart Portfolios will be available to customers as part of Stash’s Growth and Plus subscription plans, starting at $3/mo.8 Additionally, Stash offers a personalized diversification tool to help customers maintain balanced portfolios based on their risk profile.
Stash is a personal finance app that helps make investing easy and affordable for millions of Americans. Starting at just $1 a month,8 Stash’s subscription plans are designed to help anyone build wealth, hit financial goals, and invest in themselves. Each plan includes access to investment accounts, no-hidden-fee banking9 with the Stock-Back® Card,10 budgeting and saving tools, personalized guidance, and more. For further information, visit www.stash.com.
Eldridge invests in businesses across the Insurance, Credit, Technology, Real Estate, Sports, Media, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.