Podcasts

StashInvest’s Brandon Krieg: ‘Bigger companies crave innovation but it’s much harder for them to move fast’

  • StashInvest's Brandon Krieg began his career selling to financial institutions.
  • He talks about the transition working with everyday investors on this week's podcast.
close

Email a Friend

StashInvest is a quickly growing popular consumer app helping individuals get serious about saving and investing again. But working directly with consumers — impacting their lives through investing — is a new transition for the firm’s co-founder and CEO, Brandon Krieg. Krieg began his financial career in algorithmic trading, aiming to disrupt the way institutions traded equities and when you hear him talk about Stash’s customers, the excitement is palpable.

On StashInvest’s path to a million accounts, Krieg has had to scale everything, especially customer service. On this week’s podcast, Brieg discussed that, his approach to product development and how his team determines what products and functionality to launch.

SubscribeiTunes I SoundCloud

 

What has your experience been leaving the large financial world to build something?
“What I realized with larger financial companies is that they do crave and value innovation, but it’s much harder for them to move fast. Especially at the bigger bank I worked at next in my career, it was a great place to work at but there were 15,000 people there.

I love the transition to consumers. It’s my favorite thing I’ve done yet in my career. We’re able to directly impact the lives of our customers. Our customers have a problem that we’re able to solve. By doing it in the form of a nimble startup, we can move much faster.”

Did you have any challenges transitioning to customer service requirements of retail investors?
“My co-founder Eddie [Robinson] and I both left Macquarie in the beginning of 2015. We launched Stash in the beginning of October that same year. We felt really good about the product we were shipping to the market because we spent a lot of time listening to customers. We didn’t build this in a vacuum and create a product that nobody wanted. However, when we launched, we weren’t able to form the view of how many customers we’d actually sign up.

It’s been less than two years now and we’re coming up on 1 million accounts. So, we’ve had to scale a lot faster than we originally thought. Our goal here is to keep our customers happy. Our customers are our heroes. We see ourselves just as a guide. So, we really had to scale customer service (brokerage, engineering, and compliance, too).”

Why don’t people invest today?
“Around 86 percent of our customers are first time investors. Our customers look like America — everyone you interact with everyday. They’re teachers, in the military, and Uber drivers. Financial education is a big problem. People aren’t learning this stuff at school or at home. The financial services industry only caters to the rich.

Our customers really face the issue of financial opportunity. It’s not scary and you can understand investing if you have companies building products that relate to you. We’ve dropped the barrier to entry to $5 and we’ve made it relatable because we’ve curated the investments, so you’re not overwhelmed by choices. Lastly, we help our customers on a long term journey of investing for life with our educational tools.”

0 comments on “StashInvest’s Brandon Krieg: ‘Bigger companies crave innovation but it’s much harder for them to move fast’”

Podcasts

Behind Marqeta’s launch into credit card issuance with Kevin Doerr

  • Marqeta has grown up as a modern debit card issuer processor for firms like DoorDash and Instacart.
  • Now, the company is moving into the credit space.
Zachary Miller | February 22, 2021
Payments, Podcasts

‘Tech is global but local payments determine who’s a winner or loser’: PPRO’s Simon Black

  • PPRO is freshly off a $180 million investment round.
  • The local payments firm's CEO joins us on the Tearsheet Podcast.
Zachary Miller | February 15, 2021
Podcasts

‘Workflow’s calling is to rejoin the fragmented parts of an FI’: ServiceNow’s Lauren Robbins

  • ServiceNow works with hundreds of financial services firms to create digital workflows in IT.
  • During the pandemic, the software company has seen more clients improve HR and customer service experiences, as well.
Zachary Miller | February 12, 2021
Podcasts

‘We knew banking apps are the least deleted on people’s phones’: Sensibill’s Corey Gross

  • Understanding spending data is still a hard nut to crack.
  • Sensibill provides tools to users and their banks to feed decision making and advice.
Zachary Miller | February 11, 2021
Podcasts

Behind the launch of Craft Bank, the first de novo in Atlanta in over a decade

  • Craft Bank is the first de novo bank in the Atlanta area in over ten years.
  • CEO Ross Mynatt joins the Tearsheet Podcast to discus his bank's launch and progress.
Zachary Miller | February 08, 2021
More Articles