LOS ANGELES, July 30, 2019 /PRNewswire/ -- Stackin', a text-message based financial platform, today announced it has raised a $4 million Series A funding round led by Experian Ventures, Dig Ventures, and Cherry Tree Investments, along with participation from new and existing investors including Social Leverage, Wavemaker Partners, and Mucker Capital.
Stackin' will use the financing to launch banking and investing features for its messaging platform, user acquisition, and to expand its operations. As part of the fundraising, Ross Mason, founder of Dig Ventures and former founder and CEO of MuleSoft, will join the company's Board of Directors.
Stackin' uses intelligent personalized messaging to help millennials find ways to improve their finances and grow their hard-earned money. The company has more than 500,000 users who use the service to receive guidance so they can start taking steps to save and invest.
Only one in three millennials have money invested in the stock market according to Bankrate.com and a recent study from PWC found that among the overall population, millennials are the age group with the lowest level of financial literacy.
Stackin' serves this growing generation of young consumers and helps them start investing, automate their savings and eliminate bank fees. By engaging members over text message, Stackin' makes it easy for members to start a financial conversation and gain access to helpful products.
"Stackin' has a unique and highly effective approach to connect and communicate with an entire generation of younger consumers around finance," said Ty Taylor, Group President of Global Consumer Services at Experian. "We're excited to support the company's next phase of growth."
Stackin' was founded in 2017 and is led by Scott Grimes, CEO, and Kyle Arbaugh, President. Grimes previously founded UPROXX Media, which was acquired by Warner Music Group.
"Stackin' is fundamentally changing the shape and context of what a financial relationship means by creating a fun, inclusive and judgement free environment that empowers our users to learn and take action through messaging," said Scott Grimes, CEO and co-founder of Stackin'. "This funding allows us to build out new features around banking and investing that will enhance the relationship with our customers."
"With Stackin's distinctive model and considerable early scale, I think there are many impactful ways to deepen the relationship with their consumers, as well as help elevate financial literacy for everyone. I'm excited to join the Stackin' team," said Ross Mason.
"Consumers now have the ability to choose their financial services products based on what best serves their individual needs and the brand they want to identify with," said Kyle Arbaugh, President of Stackin'. "Stackin' is a brand for those underserved young consumers that want a simpler, more personal way to reach their financial goals."
Stackin' recently introduced Stackin' Cash, a free personal high-interest checking account. With Stackin' Cash, consumers enjoy a 1.00% APY on the entire deposit balance, free ATMs worldwide, and no monthly maintenance fees. Stackin' Cash is powered by Radius Bank, an industry-leading virtual bank. To sign up for Stackin' Cash, visit www.startstackin.com.
Stackin', one of the fastest growing consumer finance brands in the U.S., simplifies its users financial lives, offering education, guidance, no fee-banking and access to helpful products all via text message. The company serves a growing generation of under-served young consumers who face significant financial challenges. Stackin's personalization engine makes financial wellness as easy as texting friends with features such as spending analysis, savings reminders, stock alerts and the ability to start investing in a low-cost, diversified portfolio with as little as $5. The company is backed by leading venture and strategic investors such as Experian, Social Leverage, Dig Ventures, Cherry Tree Investments, Wavemaker and Mucker Capital. Based in Los Angeles, Stackin' was launched in April 2017 by consumer technology veterans, Scott Grimes and Kyle Arbaugh. For more information visit www.startstackin.com.
About Experian and Experian Ventures
Experian is the world's leading global information services company. During life's big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. We have 17,200 people operating across 44 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. Experian Ventures, located in Silicon Valley, Singapore, London, and Brazil, invests globally in startups developing innovative consumer and business solutions for data creation, analytics and machine learning and information security. Experian is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index. Learn more at www.experianplc.com.
About Dig Ventures
Dig Ventures is a VC started and run by MuleSoft Founder, Ross Mason. Dig has made 45 investments in the last 4 years in the US and Europe, including companies such as Lyft, People.AI and Rasa. On the back of MuleSoft's $6.5 billion acquisition to Salesforce last year, Dig launched their second fund in Europe, partnering with leading Venture Capital firms in Silicon Valley to seed exceptional founders in Enterprise SaaS, FinTech and Media.