Stackin’, a text message based personalized money advice app, raised $12.6 million in a Series B funding round led by Octopus Ventures, with participation from new and existing investors, including Experian Ventures, Cherry Tree Investments, Dig Ventures, Mucker Capital, Unlock Venture Partners, TechStars, and Wavemaker Partners.
As part of the investment, Marieke Christmann, Principal at Octopus Ventures, will join the company’s board of directors.
Stackin’ plans to use the new funds to deepen the relationship with subscribers through enhanced personalization, simplified financial product on-boarding, and broaden its marketplace of financial products and services. The company also plans to expand to the UK later this year.
According to TechCrunch, Stackin’ uses text messaging to give money tips to young consumers, which it meets by advertising on platforms like TikTok, Snapchat, and Instagram. Think of Stackin’ as a more friendly and less nerdy “robo-advisor” that sends you advice on how to save, and from time to time, recommends an app that you might enjoy in the fintech space. Stackin’ added one million active users in a little over a year, up 500,000 active users from when it raised last July. It has sent more than 100 million text messages to date.
“For those of us living in big cities, exposed to lots of advertising, it’s easy to forget that large parts of the population are unaware of the range of financial services available to them, often those with better service and superior value. Stackin’s mission is all about increasing access to financial products and it’s clear that this has resonated with millions in the US across a broad demographic,” said Marieke Christmann, Principal at Octopus Ventures.
“With its deep fintech expertise and array of direct to consumer offerings, the opportunity for expansion in the UK is just as exciting, and we look forward to helping Scott and the team make this a reality.”
Image by Dean Moriarty from Pixabay