Personal finance app Stash announced Tuesday an expansion into the cryptocurrency space.
The New York-based company, which is backed by T Rowe Price Group Inc. (NASDAQ: NASDAQ:TROW), currenly offers robo-advisor services, retirement accounts, banking education and a debit card. Today's announcement marks its first foray into the crypto frontier.
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"Stashers are intrigued by crypto and we are here to help them as a trusted partner,” Stash CEO Brandon Krieg said.
The startup, co-founded in 2015 by Krieg, a former Wall Street employee, offers investors the option to buy eight major tokens with guardrails in place.
“We built this feature the ‘Stash Way,’" Krieg added. "By design, our platform educates our customers, not just with content but also with built-in guardrails that aim to align with their best interests as they embark on their crypto investing journey.”
In addition to vetting the coins offered, Stash encourages “thoughtful” investments that lead to a long-term, diversified portfolio.
For those interested in crypto, Stash is offering:
- A new crypto calculator tool to help customers build and keep a balanced portfolio based on their current investments.
- Screens to remind customers of crypto volatility
- Transparency when it comes to fees to help discourage frequent trading
- In-app alerts should their portfolio have too much crypto exposure relative to their risk profile
- Ongoing education and mentorship across email, social, and video.
Partnering With Apex Stash offers its 2 million active subscribers eight vetted coins, including Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH).
To enable its expanded crypto access, the startup has partnered with Apex Crypto, a subsidiary of Apex Fintech Solutions, as its cryptocurrency investing infrastructure provider.
“Stash is providing Americans from all walks of life access to diversified wealth-building tools, and we are thrilled to help them offer crypto investing opportunities for their customers,” Apex Crypto CEO Rachel Saunders said.
“They are making it easier and more affordable for Americans to grow their wealth with a personalized in-app experience, plus content and education.”
Earlier this year, the fintech company introduced crypto exposure in its fully-managed Smart Portfolio accounts.
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So far, more than half a million people have signed up for the Smart Portfolio accounts. In the past year, Stash achieved $125 million in annual revenue and deposits are up 30% over the past two years.
In addition to T. Rowe Price, its investors include Goodwater Capital, Entrée Capital, Owl Ventures and Eldridge.
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