Stash, the FinTech aimed at simplifying how people save and invest, announced Tuesday (March 12) the launch of its mobile-first banking service that comes with a rewards program, enabling customers to invest as they spend.
In a press release, the FinTech said its new rewards program, dubbed Stock-Back, enables users to earn fractional shares of stock automatically on qualified purchases by using their Stash debit card. That enables users to build a portfolio of investments that reflect where and how they are spending their money. They get the opportunity to invest in the companies they are interacting with on a regular basis.
The new mobile-first banking service is in conjunction with Green Dot Corp. It includes a debit account with no overdraft or monthly maintenance fees, access to a network of free ATMs nationwide and direct deposit. The launch comes after Stash raised $65 million in a Series E round of fundraising, the company noted in the press release. Proceeds from that will go to grow the product and build brand awareness for it.
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