CEO Liza Landsman also announces more than $40 million in new financing led by T. Rowe Price with notable participants including Union Square Ventures
NEW YORK, Oct. 13, 2023 /PRNewswire/ — On the heels of a record-breaking year for Stash, today the fintech announced the renowned CFO and advisor Amy Butte as its first-ever independent audit chair. The company also announces the infusion of $40 million led by funds and accounts advised by T. Rowe Price Investment Management, Inc., with a mix of strategic and existing investors including Goodwater Capital and Union Square Ventures. Bolstered by new leaders and a new round of financing, Stash enters its next phase of growth with profitability in sight.
“The addition of Amy, who is amongst the most accomplished leaders in the financial services space, plus a new round of financing from marquee investors, are clear indicators of the strength of Stash’s business. It also signals our widely ambitious future,” says CEO Liza Landsman. “We will move even faster to scale while committing to increasing levels of rigor and transparency—all in service of supporting our millions of customers. Profitability, and the flexibility it provides, is within reach.”
Independent audit chair Amy Butte is one of the country’s preeminent leaders in financial services, with a proven track record of taking companies public as director, advisor, and CFO, including the historic IPO of the New York Stock Exchange. Her current board slate includes Bain Capital Specialty Finance and DigitalOcean, following seven years on the board of BNP Paribas USA and six years on the Fidelity Strategic Advisers Funds Boards. As both founder and strategic advisor, she’s long focused on engaging and educating the next generation of investors.
“Stash uniquely combines financial services and tech to create real value for its customers, in all the right ways,” says independent audit chair Amy Butte. “With its scale and differentiated business model, the possibilities for Stash are vast and extremely exciting. I’m thrilled to join Liza and the rest of the board to help ready the organization for the future.”
Stash’s simple, automatic tools and timely advice change the lives of Americans for the better: More than half of customers, who average $58K in household income, set aside hundreds of dollars in their first year with Stash, and one in five put away over $1,000 in the first six months alone1. In August, the company announced Chien-Liang Chou from Dave and Salesforce as Chief Technology Officer.
About Stash:
Stash is an investing app dedicated to empowering people to invest and build better lives. Stash’s plans—starting at just $3 a month—unlock access to a suite of simple, automated solutions designed to help people find security and peace of mind through investing. In the past year, the pioneering fintech company surpassed $100M in annual revenue, and counts 2M active subscribers who have set aside nearly $3B thanks to regular, automatic deposits of $33 on average2. Stashers are 15% more financially literate than the average American3, and rely on Stash for timely education, expert advice, and clear next steps to help them grow their money and achieve lifelong goals.
This content is for educational and informational purposes only. Nothing in this content should be construed as Investment, Tax, or Legal advice.
1Based on data from customer deposits created from 2020-2022. Withdrawals are not considered.
2This calculation is the average transfer amount via Auto Stash as of August 2022. This calculation includes transfers completed through Auto Stash for taxable brokerage accounts, custodial accounts, and IRAs. This calculation does not take withdrawals into consideration.
3Based on surveys conducted online within the United States by Stash in August 2023. The 2023 surveys were completed by 999 non-Stashers and 2,004 Stash customers. “Financial literacy” is determined and defined by the percent of correct answers to a series of financial questions by respondents, on average
SOURCE Stash
