The New York-based fintech also recently hit $ 1 billion in assets under management on its platform.
Image source: Brandon Krieg / Stash
US-based investment app Stash has announced the closing of a $ 112m Series F financing round and was led by money market LendingTree.
According to TechCrunch the end of the latest funding round could put the company's valuation at about $ 812 million.
Other notable investors in the round include T. Rowe Price Associates, Inc., Breyer Capital, Goodwater Capital, Greenspring Associates, Union Square Ventures and Entrance Capital.
Stash's goal is to help daily investors "access to the tools, guidance and confidence" needed to invest and grow personal wealth.
Like its investment platform, the banking service also offers basic bank records, retirement accounts and custody accounts for parents who do not want to invest on behalf of a child.
In the first quarter of 2020, Stash also said it saw a 100 percent increase in & # 39; weekly customer deposits & # 39; s across both its banking and investment platforms.
The New York-based fintech has 4.5m users and hit a milestone of more than $ 1 billion in assets under management on its platform.
Brandon Krieg, co-founder and CEO of Stash, left his job on Wall Street after realizing that "most financial systems can be fundamentally unfair to smaller investors," so set out to create an accessible investment platform for & # 39; a middle class of & # 39; e America.
Krieg said: "We are very fortunate to bring together world-class investors, to help accelerate Stash's goal of bringing digital banking, investing plus financial education and advice to the millions of middle-class Americans. 39; work hard every day to put an end to it. "
“This massive group has tried to make financial progress within a system that simply does not serve its best interests or meet its needs. It's time for them to rethink the current financial services sector as the & # 39; status quo & # 39; and take control of their financial lives, & # 39; he added.
The average age of a Stash user is 29 and has an average annual income of less than $ 50,000, with & # 39; t the average investment being $ 28, although users can invest as little as $ 1 on the platform.
Stash costs a flat monthly subscription fee, ranging from $ 1 to $ 9 depending on & # 39; requirements of & # 39; e customer.