LendingTree, Inc. Announces Strategic Investment in Stash
CHARLOTTE, N.C., April 29, 2020 /PRNewswire/ -- LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation's leading online financial services marketplace, has announced a strategic investment in Stash, one of the fastest-growing banking and investing services in the U.S. The investment from LendingTree is part of Stash's Series F funding, which includes funds and accounts advised by T. Rowe Price Associates, Inc. as well as Breyer Capital, Goodwater Capital, Greenspring Associates, Union Square Ventures, and other investors.
Since its launch in 2015, Stash has helped over 4.5 million Americans take control of their finances, avoid fees, and achieve their financial goals. Stash offers all-in-one subscriptions that prioritize affordability, accessibility, education and simplicity, and include personal investment accounts, Traditional and Roth IRAs, custodial investment accounts, banking services, checking accounts and debit cards. Additionally, the company has given away over 9.5 million fractional shares of stock through the world's first Stock-Back(®) rewards program, which turns customers into investors through their everyday purchases.
"LendingTree has become increasingly focused on the asset side of the consumer's balance sheet, and Stash is a pioneer in that space," said Doug Lebda, founder and CEO of LendingTree. "Stash is fiercely pro-consumer in both its product offering and mission, and we see countless synergies between our organizations. With LendingTree's customer reach, marketing breadth, and comprehensive credit and debt offerings, and Stash's focus on education and advice around saving and investing, we can help the consumer and each other. We couldn't be more confident in our decision to invest in this business and its talented team."
"Stash is dedicated to making an impact in millions of Americans' lives by providing them with advice and coaching along with simple, personalized tools to help shape positive, long-term financial habits," said Brandon Krieg, co-founder and CEO of Stash. "We're confident that LendingTree's experience and success in delivering customer-first financial solutions will have a powerful impact on our ability to reach even more people who need a better way to save and invest."
"We are very proud of the corporate development track record at LendingTree," said J.D. Moriarty, LendingTree's Chief Financial Officer. "We have made nine acquisitions since 2016, and the resulting diversification puts us in a unique position to now move aggressively to the asset side for consumers. Although this is our first strategic investment of this type, we believe our expertise will make us a great partner on the strategic investment front. LendingTree and Stash will work together to help millions of consumers. Their savings and investing products will resonate with our consumer base, and we'll bring them the most comprehensive marketplace for financial solutions, so Stash customers can afford more and protect their futures."
BofA Securities, Inc. advised LendingTree on this investment. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Stash. LendingTree funded an $80 million investment on February 28, 2020.
About Stash
STASH is pioneering the future of personal finance by building an all-in-one financial home that combines banking, investing, advice, and technology to help anyone create a better life--no matter their network or net worth. Unlike traditional financial institutions, STASH is solving the personal saving and wealth crisis by helping over 4.5 million Americans avoid fees, take control of their finances, and achieve their goals. Rather than offer individual financial products, STASH offers all-in-one subscriptions that prioritize affordability, accessibility, education and simplicity and include personal investment accounts, Traditional and Roth IRAs, custodial investment accounts, banking services, checking accounts and debit cards. STASH has also given away over 9.5 million fractional shares through the world's first Stock-Back(®) rewards program. (*Bank Account Services provided by Green Dot Bank, Member FDIC.) Based in New York City, STASH launched in October 2015 by Wall Street veterans, Brandon Krieg and Ed Robinson.
About LendingTree, Inc.
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, by comparing multiple offers from a nationwide network of over 500 partners in one simple search and choosing the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards, insurance and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support.
LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com
Investor Relations Contact:
Trent Ziegler
trent.ziegler@lendingtree.com
704-943-8294
Media Contact:
Megan Greuling
megan.greuling@lendingtree.com
704-943-8208
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SOURCE LendingTree, Inc.
