Stash Investments Launches Banking ServiceStash Investments Launches Banking Service
Stash’s edgy Blade Runner-inspired banking announcement comes after teasing the new service in April.
Stash Investments is launching its banking service, rolling out a marketing campaign positioning the financial services product as a champion combating an authoritarian world of bank-backed fee enforcers, according to a video posted by the company. The fintech firm worked with the visual effects company behind movies like Deadpool 2 and The Avengers: Infinity War to create the dramatic piece of marketing, touting a service it’s providing in partnership with Green Dot Bank.
The banking service includes a debit account and card, a nationwide network of free ATMs, along with daily spending guidance, smart transfers, with no balance minimums and an optional merchant-linked cash back rewards program. “The banking revolution has begun,” according to the advertisement. The company announced that invites for customers will arrive in the coming week.
Although Stash had set up its banking relationship earlier this year, regulators have been exploring reworking the barrier to banking for fintech firms, one of the recommendations included in a recent Treasury report. Stash’s low-cost automated investment service, targeted at young professionals, eliminated management fees for one of its user tiers in June and has over 2 million clients, according to the company.
Stash was founded in 2015 and includes a robo investment manager, Stash Coach, to help clients create portfolios designed around long-term goals. Users pay a monthly subscription for access to the firm’s services. Stash Money, a banking service built for investors, will debut later this year, confirmed company spokesperson Ally Federbush.
