Startup Stackin’ announced it has raised $4 million in Series A funding and is also launching no-fee checking and savings in conjunction with the virtual Radius Bank, according to reports. The accounts will earn a 1 percent annual percentage yield.
The $4 million in funding was led by Experian Ventures, Dig Ventures and Cherry Tree Investments, along with participation from new and existing investors including Social Leverage, Wavemaker Partners and Mucker Capital, Stackin’ said in a press release.
“Stackin’ is fundamentally changing the shape and context of what a financial relationship means by creating a fun, inclusive and judgment-free environment that empowers our users to learn and take action through messaging,” said Stackin’ CEO and Co-founder Scott Grimes in the press release. “This funding allows us to build out new features around banking and investing that will enhance the relationship with our customers.”
The company was founded in 2017 by Scott Grimes, the former founder of UPROXX Media, and Kyle Arbaugh, who served as its senior vice president. UPROXX Media was acquired by Warner Music Group, the press release said.
Stackin' targets millennials, using intelligent personalized messaging to help them find ways to improve their finances and grow their money. The company has more than 500,000 members who use the service for financial guidance.
“Stackin’ has a unique and highly effective approach to connect and communicate with an entire generation of younger consumers around finance,” said Ty Taylor, group president of global consumer services at Experian, in a statement.
The news outlet indicated that the company will launch a new investment feature in the fall to help Stackin’ users participate in the stock market.
For the last decade, consumers have lived their digital lives hopscotching between a series of icons on their smartphone screens. Those apps – and now an increasing portfolio of connected devices beyond smartphones – have given consumers a digital front door to services that before required friction-laden physical interaction.