Stackin’, a Los Angeles, CA-based text message based financial platform, raised $12.6m in Series B funding.
The round was led by Octopus Ventures, with participation from new and existing investors including Experian Ventures, Cherry Tree Investments, Dig Ventures, Mucker Capital, Unlock Venture Partners, TechStars and Wavemaker Partners. In conjunction with the funding, Marieke Christmann, Principal at Octopus Ventures, will join the company’s board of directors.
The company intends to use the funds to deepen the relationship with subscribers through enhanced personalization, simplified financial product on-boarding and broaden its marketplace of financial products and services and to expand to the UK later this year.
Launched in 2017 by Scott Grimes and Kyle Arbaugh, Stackin provides a custom messaging platform for a younger generation of consumers to save money, reduce debt and start investing. With over 100 million text messages sent to over one million subscribers, the company offers education, tips, guidance and access to pre-selected products featured within the company’s marketplace. Stackin’ will also expand its marketplace which currently offers deposit, checking and investing products to include credit cards, loans and insurance.