When we last checked in with Stash in December, they had just raised a $25 million Series B round, which came after raising a $10 million Series A four months prior.
This week, the company has some more news — it secured a a $40 million Series C led by Coatue Management and existing investors Breyer Capital, Goodwater Capital and Valar Ventures.
Stash provides a micro-investing application for those who aren’t financially experienced, targeting millennials in need of help managing stock. With a clear demand for the service, Stash is now growing faster than any other investing service in the U.S. — presently servicing over 850,000 accounts, 86 percent of which are first-time investors. In 2017 alone, Stash added over half a million new investors to its platform, with more than 25,000 new customers joining every week.
These customers run the gamut from freelancers to military personnel to teachers, who invest in high-quality funds safely and simply through its platform.
Here’s how it works: Starting with just $5, anyone can sign up. From there, users choosers from over 35 curated investments based on their beliefs, interests and goals. Stash’s ‘Learn’ platform also provides a myriad of content aimed at financially educating with articles like how to manage money as a couple to what a capital gain actually means.
“When it comes to investing, too many Americans are standing on the sidelines because they’re unsure where and how to begin,” said Stash CEO and co-founder Brandon Krieg, in a statement. “Stash is the only investment platform focused on educating and empowering beginner investors. For too long, the financial services industry only made investing accessible to the rich, but at Stash, we believe anyone can become an effective investor with the right tools and education.”
Stash plans on using the fresh funding to accelerate its investments in technology and data analytics in order to better serve its users with more personalization, educational tools and new products. Stash Retire, a simplified retirement platform, is scheduled to launch later this summer.
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