The American investing and banking app Stash has established a new core infrastructure for its customers to allow them to earn rewards and stocks as they spend.
The newly-unveiled infrastructure, Stash Core, will facilitate the fintech’s revamped Stock-Back Debit Mastercard, a payment programme that allows cardholders to earn stocks in conjunction with everyday purchases.
The patented rewards programme is thought to be one of the first of its kind and connects ordinary purchases to extraordinary rewards in stocks.
The company’s co-founder and CEO, Brandon Krieg, emphasises how the updated platform will allow the fintech to provide the “very best in financial tooling, customer service, and artificial intelligence (AI)-powered, personalised wealth-building for those who want to earn stock and invest as they spend.”
Krieg dedicates the platform to “everyday Americans who want to build long-term wealth with a trusted partner.”
Stash Core is powered in part by integrations with additional financial and technology partners Mastercard, Stride Bank, Marqeta, Mambu, Alloy and around a dozen others.
Stash Core marks the fintech’s latest launch, following a year that surpassed $125million in annualised revenue, while over the past two years, weekly contributions are up by 30 per cent.
To date, Stash has given away more than 59 million stock rewards, while going forward, the fintech’s customers will be able to earn up to four times more with the relaunched card.
The app currently counts around 2 million customers and nearly $3billion in assets under management.
“The consumer-friendly features of Stash’s Stock-Back Debit Mastercard is an extremely unique offering,” comments Jimmy Stallings, president of payments at Stride Bank.
“Together with Stash’s financial education, customers grow their knowledge and diverse investments,” continues Stallings.
“Our partnership with Stash showcases the range of innovative banking and money movement solutions made possible by Marqeta’s APIs, and we look forward to supporting them as they grow and scale Stash Core and the Stock-Back Debit Mastercard across the globe,” adds Simon Khalaf, chief product officer at Marqeta.
Benefits of the new banking account for Stash’s customers include the Stash Stock-Back Debit Mastercard; Auto-Stash; zero overdraft fees; direct deposit up to two days early; saving and budgeting tools; advanced mobile wallet capabilities and contactless payments; access to more than 55,000 ATMs; Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 through Stride Bank plus advanced security features including Mastercard global service and Mastercard zero liability protection.
Stash+ Tier customers will also get one per cent Stock-Back on every Stash Stock-Back Debit Mastercard purchase.
