With $ 65 million in new financing, Stash launches Millennium-ready bank and Peter Lynch-inspired stock awards



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Stash mobile app

Courtesy of Stash

Average investors can earn money in the market by investing in what they know and understand. This is the mantra of legendary fund manager Peter Lynch, who chaired the Fidelity Magellan Fund between 1977 and 1990.

Now, here's the millennium decision: Coinciding with Tuesday's deployment of its first mobile banking offering, the Stash Digital Investment Platform launches a stock rewards program inspired by the idea that everyday Americans can invest in the companies with which they buy. Think of your morning Starbucks coffee with a small side of the Starbucks stock.

As part of Stash's range of new banking offerings, customers will earn fractional shares in publicly traded companies on which they spend money using their Stash debit card. If they buy from a non-publicly traded merchant, such as a local company or even a parking meter, Stash Banking customers will see their rewards go to a fraction of the Vanguard Total ETF's share.

The base reward for the program is 0.125%, but the firm claims that exclusive offers and agreements with partners could bring rewards up to 5% of the amount of the purchase. Launch partners include Starbucks and Dunkin, for whom Stash users will earn fractional shares in Starbucks and Dunkin shares, respectively, representing 2% of the purchase amount.

"80% of Americans live from one paycheck to the other …," said co-founder and chairman Ed Robinson in a statement. "Stock Back is our way of using patent-pending smart stash technology to help people adopt better financial habits and invest in their future."

Stash's latest offerings follow a $ 65 million Series E fundraiser that ended in February, bringing the company's total capital to more than $ 150 million with funders, including Breyer Capital and Union Square Ventures. Brandon Krieg and Ed Robinson, veterinarians of Wall Street, launched the company in 2015, which has since more than 3 million customers Forbes & # 39; Fintech 50 Listing in 2019. Stash's investment and retirement accounts operate on a subscription model at a price of $ 1 per month and $ 2 per month, respectively, for balances up to $ 5,000.

The banking transaction is being conducted in partnership with Green Dot Bank, the prepaid debit and credit card issuer in Pasadena, California, also associated with Uber and Intuit for their own brand cards. The official debut of Stash Banking comes after a waiting list for services that have collected more than 100,000 listings. Additional offers include the standard banking fee: no monthly debit fees and free ATMs in the network, plus overdraft fees.

Stash says that his desire to diversify is an effort to bridge the world of banks and investment. In doing so, he joined the brokerage group Etrade, which also offers a verification service with a debit card. Etrade Banking, however, operates under the company's own bank, provided by the FDIC.

Amongst its new fintech counterparts, Stash finds a banking company in Acorns, another investment platform equipped with debit cards. But while Acorns has built a user base on its rounded investment service, which uses a currency to invest in fractions of ETF shares, Stash allows customers to choose from over 200 stocks and ETFs – although It operates only twice a day from separate trading windows at market hours, once in the morning and again in the afternoon.

"Beyond the democratization of access to the stock market, we are trying to create an ecosystem where financial services companies continue to grab the masses and accumulate tax per commission," said co-founder Brandon Krieg.

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Stash mobile app

Courtesy of Stash

Average investors can earn money in the market by investing in what they know and understand. This is the mantra of legendary fund manager Peter Lynch, who chaired the Fidelity Magellan Fund between 1977 and 1990.

Now, here's the millennium decision: Coinciding with Tuesday's deployment of its first mobile banking offering, the Stash Digital Investment Platform launches a stock rewards program inspired by the idea that everyday Americans can invest in the companies with which they buy. Think of your morning Starbucks coffee with a small side of the Starbucks stock.

As part of Stash's range of new banking offerings, customers will earn fractional shares in publicly traded companies on which they spend money using their Stash debit card. If they buy from a non-publicly traded merchant, such as a local company or even a parking meter, Stash Banking customers will see their rewards go to a fraction of the Vanguard Total ETF's share.

The base reward for the program is 0.125%, but the firm claims that exclusive offers and agreements with partners could bring rewards up to 5% of the amount of the purchase. Launch partners include Starbucks and Dunkin, for whom Stash users will earn fractional shares in Starbucks and Dunkin shares, respectively, representing 2% of the purchase amount.

"80% of Americans live from one paycheck to the other …," said co-founder and chairman Ed Robinson in a statement. "Stock Back is our way of using patent-pending smart stash technology to help people adopt better financial habits and invest in their future."

Stash's latest offerings follow a $ 65 million Series E fundraiser that ended in February, bringing the company's total capital to more than $ 150 million with funders, including Breyer Capital and Union Square Ventures. Brandon Krieg and Ed Robinson, veterinarians of Wall Street, launched the company in 2015, which has since more than 3 million customers Forbes & # 39; Fintech 50 list in 2019. The Stash Investment and Retirement Accounts operate on a subscription model at a price of $ 1 per month and $ 2 per month, respectively, for balances of up to $ 5,000.

The banking transaction is being conducted in partnership with Green Dot Bank, the prepaid debit and credit card issuer in Pasadena, California, also associated with Uber and Intuit for their own brand cards. The official debut of Stash Banking comes after a waiting list for services that have collected more than 100,000 listings. Additional offers include the standard banking fee: no monthly debit fees and free ATMs in the network, plus overdraft fees.

Stash says that his desire to diversify is an effort to bridge the world of banks and investment. In doing so, he joined the brokerage group Etrade, which also offers a verification service with a debit card. Etrade Banking, however, operates under the company's own bank, provided by the FDIC.

Amongst its new fintech counterparts, Stash finds a banking company in Acorns, another investment platform equipped with debit cards. But while Acorns has built a user base on its rounded investment service, which uses a currency to invest in fractions of ETF shares, Stash allows customers to choose from over 200 stocks and ETFs – although It operates only twice a day from separate trading windows at market hours, once in the morning and again in the afternoon.

"Beyond the democratization of access to the stock market, we are trying to create an ecosystem where financial services companies continue to grab the masses and accumulate tax per commission," said co-founder Brandon Krieg.

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