Stackin’, a text message based financial platform, today announced it has raised a $12.6 million Series B funding round led by London based Octopus Ventures, along with participation from new and existing investors including Experian Ventures, Cherry Tree Investments, Dig Ventures, Mucker Capital, Unlock Venture Partners, TechStars and Wavemaker Partners.
Based in Los Angeles, Stackin’s mission is to empower a generation of younger consumers with a simple, personal way to reach their financial goals.
Through text, Stackin’ provides the necessary tools to build healthy financial habits over time in a fun, entertaining, judgement-free relationship all from one’s phone.
Powered by a custom messaging platform, Stackin’s personalised messages provide subscribers various ways to save money, reduce debt and start investing. With over 100 million text messages sent to over 1 million US subscribers, Stackin’ offers education, tips, guidance and access to pre-selected products featured within the company’s marketplace.
Stackin’ will use the financing to deepen their relationship with subscribers through enhanced personalisation, simplifying financial product on-boarding and product usage, and expand its marketplace of financial products and services.
The company also plans to expand to the UK later this year, where it hopes to take advantage of the country’s rich fintech ecosystem in order to replicate its early US success. Marieke Christmann, Principal at Octopus Ventures, will join the company’s board of directors and will help to drive this expansion.
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Marieke Christmann, Principal at Octopus Ventures, said: “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.
“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.”
Scott Grimes, CEO and co-founder of Stackin, said:“This funding allows us to provide our current users a more personalised and connected experience, expand and enhance our partnerships and continue our rapid growth.
“We’re thrilled to partner with Octopus Ventures to support our vision to create an entirely new type of financial relationship with the next generation of consumers.”
Stackin will use the funding to expand its marketplace which currently offers deposit, checking and investing products to include credit cards, loans and insurance. The marketplace will continue to be curated around products and services that are most beneficial to the Stackin’ subscriber.
In addition to the funding, the company recently announced a collaboration with Twilio and Google, to be among the first companies using Verified SMS to strengthen relationships with their customers. The Verified SMS technology enables select partners to send branded and authenticated SMS to build trust, maintain the integrity of their brands, and boost engagement with their customers.