Member Exclusive, 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.
close

Email a Friend

Stash reveals its growth metrics during the pandemic

If there is a bright spot for the financial services industry during this pandemic, it’s been digital banking offerings. As bank branches closed, consumers and businesses turned to native digital offering to take care of their finances.

Challenger bank Stash has seen strong growth through this period. Data and customer feedback deeply inform the company’s product development process.

SPONSORED

Stash shared its growth numbers today with Tearsheet:

  • Users: The company now has 4.5 million users and is experiencing a 43 percent average increase in new users.
  • AUM growth: Stash has seen its assets under management rise to $1.4 billion since the beginning of June (up from $1 billion in January 2020)
  • ‘Set aside’ growth: The amount of money Stash users transfer in from external funding sources earmarked for investments has increased by over 40% during this time period.
  • Deposit growth: The average customer deposits into also increased by over 30% in May, compared to January 2020.

0 comments on “Stash reveals its growth metrics during the pandemic”

New banks

‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience

  • New York’s Trustco Bank recently implemented a digital banking platform to improve customer user experiences.
  • The local bank has witnessed over a 50 percent increase in mobile deposits.
Rimal Farrukh | February 11, 2021
New banks

‘Same standard materials, but a different finish’: How bank branches are evolving in the era of Covid

  • Bank branches aren’t disappearing anytime soon.
  • Instead, they’re evolving to serve more purposes.
Rivka Abramson | February 01, 2021
New banks

Incumbents continue to be perceived as the safer choice among customers; challengers keep trying

  • People seem to feel safer with incumbent banks.
  • Challenger banks keep working to gain trust.
Rivka Abramson | January 25, 2021
Member Exclusive, New banks

As popularity of teen banking grows, competitors differentiate in marketing and monetization

  • Reaching teens and their parents isn't an easy lift.
  • With the increased popularity of teen banking, competition is finding different ways to market and monetize.
Rivka Abramson | January 22, 2021
Member Exclusive, New banks

Rho launches Rho AP to help its SMB customers streamline invoices and payments

  • Rho Technologies recently unveiled Rho AP to help its clients manage their accounts payable.
  • The new solution allows business users to upload, code and submit invoices for same-day approval and payment.
Rimal Farrukh | January 21, 2021
More Articles