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US banking and investment startup Stash has raised $112 million in a Series F funding round.
Popular banking and investing app Stash, has raised a whopping $112 million in its Series F funding round. Bringing its entire acquired investment findings to about $300 million. Stash already existing investors were the major participant in the funding round.
Breyer Capital, Goodwater Capital, Greenspring Associates, and Union Square Ventures all took part in the funding round. The round was, however, led by LendingTree with T Rowe Price Associates serving as funding advisor.
Founded in 2015 by David Ronick, Ed Robinson, and Brandon Krieg. The New York investment startup is seen as a rapidly growing investment app for millennials. With Stash, people can invest as little $5 in any enterprise they prefer. While also enjoying investment advice and guidance from Stash.
The funding round is quite impressive, not just because of its investors and size but because of the timing of the funding round. With many startups finding it difficult to attract investors due to COVID-19, it is quite remarkable that Stash was able to successfully complete its Series F funding round.
Speaking on the funding round, CEO of Stash Brandon Krieg pointed out that the entire Stash team is delighted to be able to attract such world-class investors.
Together they would “help accelerate Stash’s goal of bringing digital banking, investing plus financial education and advice to the millions of middle-class Americans working hard every day to make ends meet”.
Though the startup has refused to disclose its current valuation, PitchBookdata
Making small investments at a time
Though the startup did not reveal the recent valuation of the company, PitchBook data estimates its value to be about $812 million. However, the startup was initially valued at $785 million following the initial closure of its $85 million Series F funding round.
Stash started out as a micro-financing platform but soon included banking, investing advice, and technology options to its services. The startup allegedly boasts of about 4.3 million monthly subscribers all within the range of $1 to $9. And about $1 billion worth of assets under its administration.
The Startup will provide users with financial investment services such as retirement, custodial, and even conventional banking services. According to Stash, the funds will facilitate the expansion of its customer base, marketing, and other services.
This recent funding round was instigated by the current onslaught of the novel coronavirus epidemic. As many firms are currently struggling to stay afloat due to financial constraints brought on by COVID-19.
Krieg further pointed out that “The American middle class has attempted to make financial progress within a system that simply does not serve their best interests or meet their needs”. Adding that this is a time to reassess the financial servicing industry and “take control of their financial life” with Stash.
Stash is looking to make investment opportunities available to the average American citizen. The motive, according to Stash, is to”continue to be focused on customer growth, brand awareness, and to help reach more Americans who need our help in creating a better life”. Irrespective of their network or net worth”.