Investing App Stash Raises $37.5 Million to Head Into Banking


Micro-investing app Stash has raised $37.5 million in a Series D round, as it adds several new banking features to its app, the company announced yesterday.

The funding, led by Union Square Ventures, also comes after Stash has continued to grow its customer base: the app now serves 1.7 million clients, with about 40,000 new clients joining on a weekly basis, it said.

Stash has also launched three new features, rolling out its Custodial Accounts feature this week: a tool which allows the app to open investing accounts for kids. The app has also released ‘Smart-Save’ and ‘Stash Coach,’ two features around saving and balancing an investment portfolio.

Smart-Save allows users to better save by automatically moving a portion of that user’s money into their Stash account, where un-invested money “will be held in an FDIC insured account,” Stash said.

Stash Coach, meanwhile, will provide users with recommendations for their financial life and decisions, in the hopes that the recommendations will lead to a more balanced portfolio for the user.

Read more at PRNewsWire, PYMNTs, and TechCrunch.

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Grace Noto is Associate Editor of Bank Innovation. She has an MA from the University of Essex, as well as BA in English and a BA in Journalism from SUNY New Paltz. Prior to joining Bank Innovation in the summer of 2016, she worked on Electronic Products Magazine, an online publication surrounding technology and computer engineering, and has worked for other publications, including the Poughkeepsie Journal. She also writes in her spare time, and really needs more hobbies.

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