Stackin’, a digital finance and entertainment media company, has raised over $4 million, per a Form D filing. This would bring the company’s total funding to around $7 million, according to Crunchbase data. Previous investors include Clocktower Technology Ventures, Right Side Capital Management, 500 Startups, Techstars, and Social Leverage.
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The company declined to comment.
“Investing isn’t just for rich kids & boomers,” the company’s website reads. Through text messages, the company sends users money tips to go from “broke to ballin.”
One example: If a Stackin’ user sets up an auto-deposit, the company will give the user $25 dollars. There are also automatic saving features and tips tailored to personal financial goals. The startup’s website claims it has about 500,000 users.
It is not clear what the new funding will be used for; however, there are hints of where the capital could be deployed on its website. With the detail “coming soon,” Stackin’ advertises an option for users to invest in “the things you love like legal cannabis, sneakers, pizza and more. Get started for as little as $5 and upgrade your financial future.”
The company also works on financial literacy. For example, on Facebook, Stackin’ posted an informational video titled “The first marijuana index launches.”
The company claims all user data is protected through encryption and bank level security.
There’s no shortage of financial technology startups that want to make millennials better with money. Acorns, a saving startup, raised $105 million in January. In March, Chime, focused on helping its 3 million users avoid bank fees, raised $200 million led by DST Global. In April, Affirm raised $300 million at a $2.9 billion post-money valuation.
Interestingly enough, Stackin’ co-founder and CEO Scott Grimes previously claimed that the majority of its income comes from Chime and Ellevest, which pay Stackin’ to advertise its money-saving businesses. Neither Chime nor Ellevest immediately responded for comment.
Illustration: Li-Anne Dias