Fintech startup Stash announced today it closed out its Series A round at $9.25 million.
Goodwater Capital, specializing in early-stage consumer technology companies, and Valar Ventures led the round, with participation from Entrée Capital.
Stash is one of the fastest-growing financial services targeted at millennials. Acknowledging a general distrust of big banks on Wall Street, the company aims to help young people take ownership of their investments with the confidence that they won’t be screwed over by corporate interests at big investing firms. They don’t charge hidden fees or commission for buying or selling investments, or for transferring money in and out of accounts. Instead, the company charges just $1 a month for accounts under $5,000 and 0.25 percent a year for accounts over $5,000.
Since they launched in October 2015, Stash has attracted over 150,000 investor accounts and close to 500,000 content subscribers.
"My co-founder Ed and I left our jobs because we believe everyone should have access to financial opportunity,” CEO Brandon Krieg said in a statement. "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."
The company plans to use the new funds to accelerate user growth and build out their tech platform.