Stash, the subscription platform that aims to empower middle-class America to build wealth via innovative investing and banking products, has acquired PayGrade, a financial literacy platform assisting students with adopting healthy financial habits.
As mentioned in an update shared with CI, the addition of PayGrade aims to deepen Stash’s commitment to education “following its 100% surge in revenue over the past 12 months.”
Brandon Kreig, CEO and co-founder at Stash, stated:
“Stash’s first acquisition is directly aligned with our mission of empowering everyday Americans to invest for the future. Forty-four 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.”
PayGrade has been designed to provide K-12 administrators and teachers with an “immersive” personal finance curriculum specifically developed around “simulated” banking and investing. The platform experienced a lot of demand during remote learning. In its next phase of growth under Stash, the business will “quickly expand to include digital tools for parents to teach and reinforce money skills at home,” the announcement revealed.
The release also mentioned that Stash, which secured $125 million in February 2021, has over 6 million clients and $3 billion in AUM. For “as little as $1/month,” Stash aims to build “long-term, diversified” investment portfolios that are supported by “personalized” advice and “robust” educational tools.
Janessa Boulay, Co-founder of PayGrade, remarked:
“We’re thrilled to join Stash. 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—giving the next generation the hands-on education they need to advance and achieve financial equity.”
Ian Chiu, MD at Owl Ventures, the largest venture capital firm focused on investments in education and upward mobility, including Stash, added:
“Financial literacy is a foundational requirement to achieve a stable financial future. With PayGrade’s quality curriculum and engaging digital educational tools, Stash will be able to help students acquire critical knowledge and skills in partnership with teachers and parents.”
Parents and teachers who might be interested in learning more or getting early access to the new home version of PayGrade—which will be called Stash101—are able to join the wait list.
As previously reported, Stash is the first subscription platform “empowering middle-class Americans to invest and build wealth.”
Stash’s plans—starting as low as $1/month—”provide easy and affordable access to a suite of products including investing, banking, education, and advice.” Stash is “one of the fastest-growing financial technology companies in the U.S. with more than 6 million customers,” the announcement noted.