Stash, maker of an investment app aimed at millennials, raised $3 million in seed funding to support its growth.
The firm, which said it is part of a “new breed” of services looking to transform the way millennials manage, save and grow their money, said the funding “will support the continued growth and development of the app, including new product features and expansion to the Android platform”.
It is currently available for iOS.
Users can start investing with just $5, which allows them to gain confidence gradually, and build “smart financial habits” for the long-term.
Stash doesn’t charge commissions for buying or selling investments and has a transparent monthly subscription fee of $1 per month for accounts under $5,000, with the first three months free; and 0.25 percent a year for balances over $5,000.
“We believe deeply in the Stash mission to bring long-term investing tools and knowledge to millennials,” said Chi-Hua Chien, co-founder and managing partner of Goodwater Capital, which led the funding round.
“By lowering the minimum level of investment, enabling millennials to invest in broad themes that they care about, and guiding them along the path toward building smart lifelong investment habits, Stash has the potential to empower an entire generation to reach their financial goals,” he added.
New York-based Valar Ventures, London-based Entree Capital and previous investors in the company also participated in the round.