Investing app Stash raises $40m
13 July 2017 | 6217 views | 0
Stash, a New York startup bidding to bring app-based investing to the masses, has raised $40 million in a Series C funding round led by Coatue Management.
Existing investors Breyer Capital, Goodwater Capital, and Valar Ventures also joined the round, which brings Stash's total funding to $78 million.
Starting with just $5, anyone can sign-up for Stash and choose from over 35 curated investments based on their beliefs, interests, and life goals. Users pay $1 a month on accounts under $5000, with an annual fee of 0.25% on those over $5000.
Taking on a slew of robo-advisors and trading apps like Robinhood, Stash claims over 850,000 accounts, 86% of which are first-time investors, and is signing up more than 25,000 customers every week.
The new money will be pumped into technology and data analytics as the startup promises more personalisation, educational tools, and new products, including Stash Retire, a simplified retirement platform.
Brandon Krieg, CEO and co-founder, Stash, says: "For too long, the financial services industry only made investing accessible to the rich, but at Stash, we believe anyone can become an effective investor with the right tools and education."