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Stash Invest, the popular investing app, is getting into banking by partnering with Green Dot Bank. The Stash banking service will include bank accounts with debit cards, zero setup, monthly or overdraft fees.
Stash Invest itself is not becoming a bank, instead it is partnering with Green Dot Corporation and its subsidiary, Green Dot Bank, which is where the bank accounts will be housed. That means your Stash bank account will be protected by FDIC insurance, like any other banking institution. Stash is targeting the millennial market for their savvy use of managing financials.
What is Stash & how does it work?
Stash started to simplify investing, but their true mission runs deeper. Today, your financial products too often fail you. Stash believes everyone should have access to financial education, technology, and services that help you achieve your life goals. In the past, individual investors had to buy one or more shares of a stock or ETF (exchange-traded fund) to make an investment. If the price of one share was $100, that was the smallest amount an individual investor could buy.
However, it’s now possible for companies like Stash to buy one share, and split it into parts, or fractional shares. So if you want to buy $5 of an ETF or single stock that costs $100 per share, Stash can buy a full share, and have you own just a $5 fraction of that share. That way, you can make small investments as a way to get started, you can invest in a more flexible way, and you can put more of your money to work.
Stash Banking Features
“There are more than 100 million Americans who need a banking product just like the one we are building with Green Dot. Stash is committed to being a true partner and source of support for our clients, and for those who have systematically been left behind,” said Brandon Krieg, Stash’s CEO, in a statement.
Stash Invest aims to bring similar insights to its banking services, allowing people to view personalized insights about their spending behavior, and leverage its “Stash Coach” technology for guidance.
Stash, which just announced a $37.5 million Series D in February, had said then that its next steps would involve a move into the banking sector. It claimed 1.5 million customers at the time of the raise – a figure that’s now grown to 2 million. It’s also says around 40,000 new clients are downloading the app weekly.
The average Stash user is 29, but the company’s broader vision is to go after anyone, not just millennials, in need of simpler, mobile tools for banking, saving and investing.