Eldridge led the spherical, which acquired further funding from new and current buyers, together with Owl Ventures, funds suggested by T. Rowe Worth Associates, Goodwater Capital, Entree Capital, and others.
The funding comes after a yr of report development for Stash, which was based in 2015. Final yr, the New York-based firm noticed a 100% improve in account openings. It now has 5 million prospects and $2.5 billion in property underneath administration. Fueling this improve was the enhance in automated deposits; Stash reported a 50% improve within the variety of prospects automating their investments final yr.
Stash’s funding platform democratizes long-term investing by making the method simpler and extra inexpensive. “We consider in tried and examined ideas of normal, long-term, and balanced investing as the important thing to constructing wealth. We subsequently constructed Stash to make diversified investing simple, inexpensive and accessible, backed by personalised recommendation and accessible schooling—with the intention to keep away from the pitfalls of short-term hypothesis and day-trading,” stated Stash Co-Founder and CEO Brandon Krieg. “This new spherical of funding permits us to take this mission to thousands and thousands extra People.”
Stash’s latest upcoming product, Sensible Portfolios, helps prospects construct long-term, diversified portfolios which might be totally managed by Stash. The brand new providing is made for customers who need to make investments, however don’t know the place to start out. To maintain issues easy, Stash makes use of a subscription mannequin as a substitute of charging charges based mostly on portfolio measurement. The Sensible Portfolios product is included in Stash’s Progress and Plus subscription plans, which price $3 monthly and $9 monthly, respectively.