Stash, a NYC-based investment app for millennials, raised $3m in seed funding.
The company will use the funds to continue to grow and develop the app, including new product features and expansion to the Android platform.
Started in February 2015 by David Ronick and Brandon Krieg and Ed Robinson, Stash is a Registered Investment Advisor that provides an app allowing millennials to manage, save and grow money. They can start investing with as little as $5, gain investing confidence gradually, and build smart financial habits for the long-term. People can choose investments from over 30 Exchange Traded Funds (ETFs) or stocks based on their interests, beliefs and goals, and purchase fractional shares to start investing gradually.
Investments are described as “Internet Titans” (large online tech companies), and “Clean and Green” (renewable energy companies).
Stash doesn’t charge commissions for buying or selling investments and has a monthly subscription fee of $1 per month for accounts under $5.000, with the first three months free; and 0.25% a year for balances over $5.000.
Some of the most popular investment themes people have chosen include Roll with Buffett (NASDAQ: BRK.B), which allows them to invest in Berkshire Hathaway; Delicious Dividends (NASDAQ: SCHD), which invests in companies with a 10-year history of paying dividends; and Defending America (NASDAQ: ITA), which offers exposure to aerospace and defense manufacturers.