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.