After a bumper 2020, US banking and investing outfit Stash has raised $125 million in a Series G funding round led by Eldridge.
Stash began life as a micro-investing app but has since tried to build out an ambitious "all-in-one financial home" combining banking, investing, advice and technology.
The firm saw a 100% increase in account openings in the last year and now claims upwards of five million customers and $2.5 billion in assets under management.
Stash also saw an increase of approximately 50% in the number of customers automating their investments. This indicates a desire to "help better navigate last year’s market volatility," says the company, adding that this is a "testament to the strength of Stash’s long-term investment philosophy".
With other investment apps - led by Robinhood - attracting scrutiny in recent weeks thanks to the Reddit-GameStop day trading mania, Stash is emphasising its more restrained approach.
Says CEO Brandon Krieg: "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."