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”

New banks

Wealthfront’s Chris Hutchins on checking accounts and self-driving money

  • Wealthfront has emerged from an early robo-adviser to become a more formidable banking alternative.
  • With new checking account features, the company embarks on its vision of automating money management.
Zachary Miller | July 10, 2020
New banks

On Deposit Solutions’ launch in the U.S. with CEO Philipp von Girsewald

  • Deposit Solutions has found success in Europe helping banks bring in new deposits.
  • Now launching in the U.S., the firm is using its launch blueprint to enter a new market.
Michael Deleon | June 23, 2020
New banks, Podcasts

Current’s Stuart Sopp on building a bank with customers’ best interests in mind

  • As a trader, Stuart Sopp thought he could do more to help the people not being served by the banking system.
  • His challenger bank Current targets people living paycheck to paycheck and teens.
Zachary Miller | June 22, 2020
New banks

Stash reveals its growth metrics during the pandemic

  • As the pandemic shut down bank branches, consumers turned to digital options.
  • Challenger bank Stash is experiencing strong growth in its banking and investing offerings.
Zoe Murphy | June 17, 2020
New banks

As Sesame Cash adds thousands of new users per day, Credit Sesame acquires Canadian challenger bank Stack

  • Credit Sesame collaborated with Canada's Stack to develop Sesame Cash, its banking product.
  • After the merger, Credit Sesame plans an international expansion.
Zachary Miller | June 16, 2020
More Articles