Fintech pioneer Stash unveils Stash Core
Stash now powers a purpose-built core platform and new banking experience to seamlessly serve millions of everyday Americans with its Stock-Back® Debit Mastercard®
Industry-leading partners for Stash Core include Stride Bank, NA, Mastercard,
Marqeta, Mambu and Alloy
NEW YORK, 21 September 2022 /PRNewswire/ — Stashthe investment and banking app with more than 2M customers and almost 3 billion dollars in Assets under Management, today announced that it has successfully built and launched Stash Core, its new proprietary infrastructure platform that underpins service to Americans like banks and investors. Stash Core is a world-class system that opens up new innovation in banking, and in the future new opportunities in credit, savings, lending and more. It will also make it easier for the company to welcome new subscribers and meet demand.
Stash’s new bank account experience, built on Stash Core, includes access to an upgraded Stock-Back® Debit Mastercard®, improved customer support and updated benefits, including increased rewards. The patented Stock-Back® Debit Mastercard® is the first and only of its kind, allowing customers to earn shares and invest as they trade. To date, Stash has given away more than 59M share awards1; going forward, Stashers will be able to earn up to 4x more with the relaunched card.
“Stash Core gives us flexibility and ownership of every customer touchpoint. It’s the future of inclusive finance and transformative for our business,” says Stash co-founder and CEO, Brandon Krieg. “The entire Stash platform is for ordinary Americans who want to build long-term wealth with a trusted partner. With Stash Core and Stock-Back® Debit Mastercard®we are able to deliver the very best in financial tools, customer service and AI-powered, personal wealth building for those who want to earn shares and invest as they spend.”
Stash Core is the latest launch from the fintech leader, which the past year achieved 125 million dollars in annual turnover and continues to increase the customer base. Over the past two years, weekly contributions have increased by 30% as everyday Americans rely on Stash to invest and save in today’s fast-paced world. Stash Core is powered in part by integrations with industry-leading finance and technology partners Mastercard, Stride Bank, Marqeta, Mambu, Alloy and nearly a dozen others who are top in their fields.
“Stride Bank is proud to partner with Stash on the development and ongoing support of Stash Core and in issuing Stash’s Stock-Back® Debit Mastercard®,” so Jimmy StallingsPresident Payments, Stride Bank. “The consumer-friendly features of Stash’s Stock-Back® Debit Mastercard®, which allows people to earn shares as they spend, is an extremely unique offering. Along with Stash’s financial education, customers increase their knowledge and diverse investments. Stash’s goal of empowering Americans to build better financial futures makes them an ideal partner for Stride Bank, as we are a leading fintech bank focused on driving financial innovation with integrity.”
“Today’s digital world requires payment solutions that give people choice, control and empowerment in their financial lives,” said Sherri HaymondExecutive Vice President, Digital Partnerships at MasterCard. “Mastercard shares Stash’s vision of delivering an innovative and trusted experience, and we’re excited to work closely as the exclusive network to bring Stash’s Stock-Back® Debit Mastercard® to more people and support this next phase of growth.”
“We are proud to enable Stash’s new banking platform as they deliver seamless new financial services experiences for their customers,” said Simon KhalafChief Product Officer at Market. “Our partnership with Stash showcases the range of innovative banking and money movement solutions enabled by Marqeta’s APIs, and we look forward to supporting them as they grow and scale Stash Core and Stock-Back® Debit Mastercard® across the globe.”
“Stash and Mambu worked together to develop a new banking experience with savings targets that will make life easier for customers,” said Robin SmithRegional VP, North America, Mambu. “The Stash team brought strong technical experience and a collaborative mindset, and it was a pleasure to work with them to build something that will be so helpful to millions of people starting their investment and savings journeys.”
“We are excited to support Stash with the launch of Stash Core both because we are fans of the platform and because it supports our vision to create a more dynamic and accessible financial industry,” said Tommy Nicholasco-founder and managing director at Alloy. “With Alloy’s identity resolution platform, new and existing Stash customers can feel confident in the security of their assets.”
The benefits of the new bank account for every Stash customer include Stash Stock-Back® Debit Mastercard®; Auto-Stash; zero overdraft fees2; direct deposit up to two days early3; savings and budgeting tools; advanced features for mobile wallet and contactless payments; easy access to more than 55,000 ATMs; FDIC insurance up to $250,000 through Stride Bank, NA, Member FDIC, plus advanced security features including Mastercard Global Service™ and Mastercard Zero Liability Protection.
Stash+ Tier customers will now also receive 1% Stock Back on every Stash Stock-Back® Debit Mastercard® Buy.4
About Stash
Stash is an investment and banking app with more than 2 million customers and nearly 3 billion dollars in funds under management. Stash’s plans – from just $3 a month – provide easy and affordable access to a range of products including investment, banking, education and advice. Regular, long-term investments are the foundation of the Stash platform – in direct response to the fact that just 56% of Americans invest in stocks; more than 30% do not have a retirement account; and 34% cannot save money. Stash members are 18% more financially literate than the average American and increase their financial literacy over time.
About Stash Core
Stash Core, its purpose-built backend technology, allows Stash to own the ledger, money movement infrastructure and every customer touchpoint for the millions of Americans who depend on Stash to bank as an investor and build wealth. Stash’s banking solutions, including the new bank account and updated Stock-Back® Debit Mastercard®integrate with Stash personal brokerage accounts by design so customers can follow along The Stash Way: Invest regularly in a diversified portfolio for the long term. The Stash Stock-Back patent, US patent number 11,443,338, relates to the back-end technology that allows customers to earn specific securities and ETFs that are directly invested in their portfolio when they shop at thousands of dealers, in person and online. To learn more and sign up for Stash’s new banking product, visit Stash.com.
About Stride Bank NA
Originally chartered in 1913 as the Central National Bank of Enid, Stride Bank NA has grown rapidly. OCC regulated and Oklahoma based, Stride Bank NA is a long-time innovator and has developed highly specialized payment solutions for some of the country’s largest companies, including real-time payments; consumer and commercial lending; third party debit, prepaid and credit issuer services; and network sponsorships for Visa, MasterCard and Discover. Also offers a wide range of mobile banking, wealth management and treasury services to a range of industries. Stride Bank has branches everywhere Oklahoma in Enid, Tulsa, Oklahoma City, Bartlesville, Blackwell, Woodwardand Moorelandplus Salt Lake City, Utah. Member FDIC. Like mortgage lender. Learn more at www.stridebank.com.
This content is for educational and informational purposes only. Nothing in this content should be construed as investment, tax or legal advice.
Stash Banking services provided by Stride Bank, NA, Member FDIC. The Stash Stock-Back® Debit Mastercard® is issued by Stride Bank under license from Mastercard International. Mastercard and the circle design are registered trademarks of Mastercard International Incorporated. Any Equity Rewards earned will be held in your Stash Invest account. Investment products and services provided by Stash Investments LLC are not FDIC insured, not bank guaranteed and may lose value.
All rewards earned through use of Stash Stock-Back® Debit Mastercard® will be fulfilled by Stash Investments LLC and is subject to Terms and conditions. You will bear the standard fees and expenses reflected in the pricing of the investments you earn, plus fees for various additional services charged by Stash. To earn stocks in the program, Stash Stock-Back® Debit Mastercard® must be used to make a qualifying purchase. Stock rewards paid to participating customers through the Stash Stock Back program are not FDIC insured, not bank guaranteed and may lose value.
1 Based on Stash internal data per September 2022.
2 For a full list of fees, see Agreement on deposit account for details.
3 Early access to direct deposit funds depends on when the payer sends the payment file. We usually make these funds available on the day the payment file is received, which can be up to 2 days earlier than the scheduled payment date.
41% stock back® rewards only available on Stash+ ($9/mo) and only for the client’s first $1000 of eligible purchases in each calendar month program. See Terms and conditions for details.
Media contact:
Colton Moore
[email protected]
SOURCE Stash
