Wealthtech

Stash, a personal finance app, is considering public markets

The fintech is considering that traditional IPO route or merging with a SPAC, Bloomberg reports

Fintech Stash is considering various options to go public whether that be through the traditional initial public offering route or through a trendier route — a merger with a special purpose acquisition company, Bloomberg reports citing a source familiar with the matter.

“Goldman Sachs acts as our adviser and we continuously assess the market to determine our optimal financing strategy,” Stash co-founder and Chief Executive Officer Brandon Krieg told Bloomberg Thursday in an emailed statement.

Launched in 2015, Stash provides investing capabilities through its personal finance app that aims to help make budgeting and saving for retirement easier. The company has more than 250 employees, according to its LinkedIn.

Stash has raised $427.4 million in funding to date, according to Crunchbase. Most recently, in February the fintech raised $125 million in its Series G round led by investment firm Eldridge at a $1.4 billion valuation.

“With the introduction of our new robo-advisory product called Smart Portfolios and a range of compelling new features, we’ve seen record growth and our revenue more than double in the past year,” Krieg told Bloomberg.

Stash saw some spectacular growth in 2020, with more than five million customers and $2.5 billion in assets under management, a press release shows. The company also saw a 100% increase in account openings last year.

Stash isn’t the only investing app company looking at public markets in the fintech world, just yesterday Acorns said it plans to go public through a merger with special purpose acquisition company Pioneer Merger Corp. that would value the savings and investing app at about $2.2 billion.

The merger is expected to close in the latter half of this year, a press release shows. Acorns, which is based in Irvine, California, was last valued at less than $1 billion, according to research by Crunchbase.

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