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Advisors have studied robo advisors for their appeal to young investors — but microinvesting sites are aggressively pursuing millennial clients too.
Stash Invest, which already has 1.2 million users signed up for its app and takes just $5 to open an investment account of ETFs, announced plans to launch savings and checking services next year.
The move signals a competitive rush by young fintechs to lay claim and grow with millennial clients, as microinvesting apps adopt the cross-selling techniques of big banks and wealth management firms they aim to disintermediate.
“We really listened to our customers over these last two years and they need more,” said Stash Invest CEO Brandon Krieg. “They needed guidance in savings and investments, but they need even more guidance managing their money.”
The company projects to have 2 million by the end of the year, with about 25,000 users signing up a week. According to its latest ADV form filing, Stash has roughly 983,000 investment accounts and $125 million in assets under management.
Krieg wouldn’t disclose which...