Stash Investments has passed the $1 billion in assets under management threshold. The fintech, which has trading and banking capabilities, completed an annual surprise examination of client funds and securities in November, according to recently filed regulatory information. It revealed its latest asset tally in the same filings and saw its client referral program grow by nearly 50,000 participants since January. It added thousands of accounts over the same time period.
The information comes to light as automated advice platforms, or so-called robo advisors, and digital investment services continue to expand their reach and customer base. On Thursday, Goldman Sachs made plans to acquire tech from Folio Financial that would make it easier to service clients with smaller quantities of investable assets. Earlier this month, Charles Schwab announced buying Motif’s intellectual property and announced its “Stock Slices” fractional share investing for retail clients.
Earlier this year, fintech M1 Finance also passed the $1 billion AUM mark. Stash Investments now manages $1.08 billion in assets across 4.55 million clients.