New banks

Stash hits 1 million banking customers

close

Email a Friend

Stash hits 1 million banking customers

Stash, an investment platform that now looks a lot like a bank, just hit an important milestone: 1 million banking customers.

What’s happening: With bank branches closed, Stash is seeing an uptick in new account openings and deposits. The company began offering bank accounts in March 2019.

  • Since January 1, 2020, the challenger bank has seen a 100 percent increase in weekly customer deposits, according to the company.
  • Stash has seen more customers depositing money in the last few weeks than any week so far this year.
  • The company hit $1 billion in AUM in February earlier this year.
  • The firm’s rewards program, StockBack — which provides rewards in the form of fractional shares of stock — issued 5 million rewards since launching in 2019.

A rising tide: Challenger banks have seen strong headline metrics, like new account openings.

  • As fewer customers can get to physical branches during the COVID-19 crisis, new account acquisition numbers are likely to continue their upward trends.
  • The largest competitors in the space have millions of customers.
  • See Tearsheet’s coverage of challenger bank growth for firms like N26 and Revolut.

0 comments on “Stash hits 1 million banking customers”

Outlier OpinionsMakers

Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
New banks

Are neobanks still considered disruptors?

  • Neobanks include thousands of companies seeking to disrupt banks across different customer segments and products.
  • As the digital transformation unfolds throughout the financial services industry, there will be a role for all types of service providers, including brick-and-mortar institutions.
Lindi Miti | September 02, 2022
New banks

Timberland Bank offers a savings program that pays customers to learn about finances

  • Integrations don’t have to be a painful, dragged out process if the right people are involved.
  • Paying people for learning about their finances can improve financial wellness and customer engagement.
Rabab Ahsan | September 01, 2022
Member Exclusive, New banks

Banking Briefing: All about branches

  • In a world of Web2s, Web3s, and Web-what-have-yous, a bank’s physical presence can almost feel passé.
  • But despite their decline in numbers, branches still very much play a role in banks’ success – from improving accessibility to getting in front of more consumers’ eyes.
Rivka Abramson | August 30, 2022
Member Exclusive, New banks

Banking Briefing: Offering personalized banking in an inflationary environment

  • As the financial situation takes on darker hues for consumers, personalization takes on a whole new dimension.
  • Here's what one neobank is doing to offer personalized services when times are tough.
Rivka Abramson | August 15, 2022
More Articles