Stash, a New York-based investment and banking app, has secured $40 million in new funding to support its “next phase of growth” and announced a new independent audit chair. The company’s latest round was led by funds and accounts advised by T. Rowe Price, with more support from existing investors such as Goodwater Capital and Union Square Ventures.
According to details, the round follows Stash’s debt funding round of October 2022, when it raised $52 million, and its $125 million Series G of February 2021. The company has now raised over $500 million since it started in 2015.
Stash’s CEO Liza Landsman, who took over the role in February, says that the new funding will allow Stash to “accelerate its growth while committing to higher levels of rigor and transparency”.
The firm says it has reached over $100 million in annual revenue in the past year, while its latest statement suggests that it has “profitability in sight”.
Amy Butte joins Stash Stash has also confirmed the appointment of Amy Butte as its new independent audit chair. In her new role, Butte will oversee the financial reporting and auditing of Stash as part of its pledge to “rigor and transparency”.
She has a distinguished career in various board positions, including for Fidelity Strategic Advisers Funds Board and BNP Paribas USA, and most recently for DigitalOcean and Bain Capital Specialty Finance.
She is best known for leading the transformation of the New York Stock Exchange (NYSE) to a for-profit public company in April 2006 during her two-year stint as its chief financial officer (CFO).
Landsman describes Butte as “one of the most accomplished leaders in the financial services space”, and says that her appointment and the latest round of financing are “clear indicators” of the business’s strength.
The company’s activities over the last year also include the appointment of Chien-Liang Chou as chief technology officer (CTO) in August, and the launch of its self-built core banking system.