New platform, new services, new data analytics, but same old Stash.
The micro-investing startup will be enhancing its platforms as well as building out new products and services thanks to the Series C round of funding it announced today.
What it won’t be doing with the influx of $40 million in fresh capital (bringing its total amount raised to $78 million, not bad for a company that’s about 600 days old) is shifting its focus away from the underserved investor.
“What we’re really proud of at Stash is that 86% of our customers are first-time investors, or new investors,” Ed Robinson, president and co-founder of Stash, told Bank Innovation. “We think that’s really powerful, because if we can get a 25-year old investing, we’ve made an impact.”
The money will go towards building out the Stash team, according to Robinson, as well as enhancing offerings such as the company’s Stash Learn platform, a tool for financial education now made “a bit smarter” due to machine learning capabilities.
The content on the company’s Learn platform will be more tailored towards the individual user thanks to the update, according to Robinson, especially as Stash seeks to personalize the whole of its app experience.
“Every user that enters the Stash platform should have a slightly different experience,” said Robinson, adding that this personalization will help Stash “have a deeper impact on a person’s financial life.”
Aside from these tweaks to the app and the user experience, the new capital will also go towards developing products like Stash Retire, a retirement platform utilizing the company’s quintessential micro-investing strategy set to launch at some point this summer.
The product is out in soft launch for about 20,000 users on Android right now, according to Robinson. The new funds should go quite a ways towards building out the type of personalized, informative platform Stash wants its users to experience.2 - Readers Like This Post