US investment app Stash acquires financial literacy platform PayGrade
New York-based investment fintech Stash has acquired financial literacy platform PayGrade in an undisclosed deal.
Stash says the acquisition aligns with its “empowerment” focus
The buy-up is Stash’s first acquisition and its first market move since it raised $125 million in Series G funding at the start of the year.
It says the addition of PayGrade deepens its commitment to education and helping average US users invest.
PayGrade equips administrators and teachers with an “immersive personal finance curriculum” designed around simulated banking and investing.
Stash says it is going to “quickly expand” to include digital tools for parents to teach and reinforce money skills at home.
“Stash’s first acquisition is directly aligned with our mission of empowering everyday Americans to invest for the future,” says Brandon Kreig, CEO and co-founder at Stash.
“43 states do not require standalone personal finance courses in high school, and 80% of people live paycheck-to-paycheck.
“With PayGrade, Stash will provide teachers, parents, and children with interactive tools to learn effective money management skills that will last a lifetime.”
Stash claims to have accrued more than six million customers and $3 billion in assets under management.
Users can invest as little as $1, but Stash says the average investment on its platform is $31. The fintech charges flat fee monthly subscriptions between $1 and $9, depending on what services customers use.
The average age of a Stash user is 29 and has an average annual income of less than $50,000.
“We’re thrilled to join Stash,” says Janessa Boulay, co-founder of PayGrade.
“Together, our platforms will make it possible for millions of children and families to more easily navigate the complex worlds of business, banking, and investing in a safe space.”
