Stash piles on rewards with stock-back launch
New York-based financial services platform Stash has unveiled its “Stock-Back” rewards programme that invests for customers as they spend.
As part of its official launch in partnership with Green Dot Corporation and its subsidiary bank, Green Dot Bank, it’s rolled out this “game-changing” feature. (They originally discussed their launch plans in April 2018.)
According to Stash, Stock-Back rewards are like points, but they can grow. Customers will automatically earn fractional shares of stock on qualified purchases by using their Stash debit card, “building portfolios that reflect their spending habits by investing directly in the companies they shop, eat, watch, listen, and live with”.
Ed Robinson, Stash co-founder and president, says: “80% of Americans are living paycheck-to-paycheck… Stock-Back is our way of utilising Stash’s smart, patent-pending technology to help people build better financial habits and invest in their future.”
He adds: “During the testing period, we saw an overwhelmingly positive response from users as they pay ordinary bills like Netflix, and in return received Netflix stock as well as access to dividends, educational resources and financial advice. It’s a winning combination for our over three million customers.”
All rewards will be invested in customers’ personal investment accounts. The firm offers a selection of over 200 stocks and ETFs.
The launch follows on from its Series E fundraise of $65 million. The funding will be used for product growth and marketing.
Stash’s banking services, powered by Green Dot’s Banking-as-a-Service platform, includes a debit account with no overdraft or monthly maintenance fees, and access to a network of free ATMs nationwide.
You can check out Stash’s rivals via our US challenger bank list here.