Stash, one of the fastest-growing new financial services for Millennials, announced today that it has secured $9.25 million in Series A funding to further accelerate user growth and to build out its technology platform. The round was led by Goodwater Capital, which specializes in early-stage consumer technology companies, and Valar Ventures. Entrée Capital also participated in the round.
Most Millennials find investing confusing, unrelatable, and intimidating. They simply don't trust Wall Street. Stash is the solution for the millions of Americans traditionally ignored or taken advantage of by big investing firms. Stash is a community for people who want to start investing and who don't want to rely on a black box service to do it for them. It's a platform to help people take ownership and become confident investors.
Brandon Krieg, CEO says, "My co-founder Ed and I left our jobs because we believe everyone should have access to financial opportunity. After a combined 30+ years in the business, we know that Wall Street can be fundamentally unfair to smaller investors and makes it hard for the individual investor to accomplish their goals. We want to create real change - the kind that transforms the financial literacy gap and narrows the vast division of wealth that plagues our country."
Stash investors are the real heroes in this story. Soldiers, nurses, Uber drivers, construction workers, and IT professionals alike are taking positive steps for their financial futures. Stash empowers people to declare "I'm an investor", transforming what has typically been stressful and intimidating into something that feels intuitive and simple.
Stash investors want to do well and do good. They invest in a way that reflects who they are, building a portfolio of investments that aligns with their interests, beliefs and goals. Stash investors choose from a curated selection of ETFs. They purchase fractional shares, set up Auto-Stash to make recurring investments, and can start doing it all with as little as $5. Investment choices are simple, descriptive, and relatable. For example, users can invest in "Internet Titans" (online technology giants such as Apple, Microsoft, Facebook), "Young Money" (companies that stand to benefit from the increasing purchasing power of the Millennial generation such as LinkedIn, Amazon and Ebay), "Defending America" (aerospace and defense companies such as United Technologies, Boeing, Lockheed Martin), etc.
There are no hidden fees, and Stash doesn't charge commissions for buying or selling investments or for transferring money in and out of accounts. There is a transparent subscription fee of $1 per month for accounts under $5000 and 0.25% a year for balances over $5,000. The first three months are free for everyone.
Stash entered the investment advisory market late last year to equip people with the knowledge they need to start investing. Since launching on October 14, 2015, Stash has amassed over 150,000 investor accounts and almost 500,000 content subscribers.
Stash is igniting a movement of next-generation investors. With the additional funding, they will reach millions of new investors, empowering them to start investing and take control of their financial future.
Stash is on a mission to empower a new generation of investors, giving everyone access to financial opportunity. People can choose where to invest their money, starting with as little as $5, and receive ongoing guidance from the Stash Advisor. Based in New York City, Stash started in February 2015 by Wall Street veterans Brandon Krieg and Ed Robinson. Stash is a Registered Investment Adviser. For more information, visitStashInvest.com.
About Goodwater Capital
Goodwater Capital is a next generation venture capital firm focused on early stage consumer tech startups. Founded by Chi-Hua Chien and Eric J. Kim, Goodwater's mission is to empower exceptional entrepreneurs who are changing the world. For more information about Goodwater Capital, visit: http://www.goodwatercap.com.
About Valar Ventures
Valar is a New York-based venture firm founded by Andrew McCormack, James Fitzgerald and Peter Thiel. Valar's core thesis is that an increasing number of transformative technology companies are being started outside of Silicon Valley and the United States, and that the founders of those companies benefit from having a US partner that understands their unique challenges and opportunities and can help them achieve optimal growth. For more information about Valar Ventures, visit: http://www.valar.com/
About Entrée Capital
Entrée Capital is a London-based venture firm that provides multi-stage funding for innovative start-ups and companies all over the world. For more information about Entree Capital, visit http://www.entreecap.com/