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.
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.