Stash, a New York City-based fintech startup, in a recent press release statement, announced its “Stock-Back” rewards program allowing customers to simultaneously invest as they spend.
The fintech startup partnered with Green Dot Corporation and its subsidiary bank, Green Dot Bank, to roll out this “game-changing” program. Earlier in Apr. 2018, Stash announced its plans to come up with a mobile-first banking platform in collaboration with Green Dot Corporation and its subsidiary bank.
Stash claims that the Stock-Back rewards program basically offers points as rewards, which can grow. The application enables customers to automatically cash in fractional shares of stock on qualified Stash debit card purchases. With this approach, Stash is able to build a detailed data set that reflects customers’ spending habits and allowing them to invest directly into their preferred brands with whom they shop, eat, watch, listen, and live with.
According to Ed Robinson, Stash co-founder and president, nearly 80% of Americans live on a paycheck-to-paycheck basis. Stock-Back is Stash’s way of utilizing its patent-pending smart technology to help people build better financial habits and encouraging them to invest in their future.
Adding further, Robinson said that during the application’s testing period, the company registered an overwhelmingly positive response from users as they pay their Netflix and other ordinary bills. In return, they received Netflix stock along with access to dividends, educational resources, and financial advice. He concluded by saying that the application is a winning combination for Stash’s over three million customers.