Stackin' Raises $12.6 Million In Funding Led By Octopus Vent
LOS ANGELES, May 28, 2020 /PRNewswire/ -- Stackin', a text message based financial platform, today announced it has raised a $12.6 million Series B funding round led by 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. Marieke Christmann, Principal at Octopus Ventures, will join the company's board of directors.
Stackin's mission is to empower a generation of younger consumers with a simple and personalized way to reach their financial goals. Through text message, 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 personalized messages provide subscribers various ways to save money, reduce debt and start investing. With over 100 million text messages sent to over one million 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 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.
"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."
"This funding allows us to provide our current users a more personalized and connected experience, expand and enhance our partnerships and continue our rapid growth," said Scott Grimes, CEO and co-founder of Stackin'. "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."
With this funding, Stackin' aims to become the main financial connection point to its subscribers. By creating the simplest entry point into finance, Stackin' utilizes machine learning, data and predictive analytics to more efficiently place users into helpful financial products.
In conjunction, Stackin' will 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.
Stackin' will also introduce deeper personalization of its messaging service based on the subscriber's interests, data, engagements, and aspirations. This customization will better educate and empower users around their financial goals.
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.
Stackin' is the simplest entry point into finance with over one million subscribers and a mission to empower people to improve their financial lives via text message. Stackin' provides the necessary tools & curated products for a younger generation of consumers to build healthy financial habits over time in a fun, entertaining, judgement-free relationship. Powered by a custom messaging platform, data, machine learning and human touch, their personalized messages educate subscribers on how to save money, reduce debt and start investing. The company is backed by leading venture and strategic investors such as Octopus Ventures, Experian Ventures, Social Leverage, Dig Ventures, Clocktower Ventures, Unlock and Mucker Capital. Stackin' was launched in 2017 by consumer technology veterans, Scott Grimes and Kyle Arbaugh. For more information visit www.startstackin.com.
About Octopus Ventures:
Octopus Ventures helps pioneers change the world. The pioneers we back dare to reimagine the future of health, money and deep tech. With £1.2 billion under management, Octopus Ventures is one of the largest VCs in Europe. Our typical investment is from £1 million for Seed to £10 million for Series B and we can follow our investment from a few hundred thousand right up to £25 million. Our team is based in London and New York with Venture Partners in San Francisco, Singapore and China. The companies we back become a part of this network, with access to a formidable resource of experience and expertise. Octopus Ventures has backed the founding teams of nearly 100 companies including Zoopla, Secret Escapes, Elvie, Depop, Sofar Sounds and Cazoo. Some of our portfolio companies have gone on to join forces with the world's largest businesses including Google, Amazon, Microsoft and Twitter.