Fintech
Stash announces new B2B offering called StashWorks
When I interviewed Stash CEO Liza Landsman said earlier this year that she was excited about the new B2B platform the company was launching in the second quarter. Stash launched today StashWorkswhat they call the “first automated savings solution that rewards your employees for reaching their financial goals.”
While Stash has made its name in simple direct-to-consumer investment products, this is its first foray into the B2B segment. But, according to Liza, this new initiative was born out of direct requests the company made to employers who had discovered Stash from their employees and wanted to offer it as a company-wide benefit.
StashWorks: Improving financial well-being in the workplace
What exactly is StashWorks? This is a workplace benefits program introduced by Stash to support employees in managing their finances. The program integrates with HR systems, allowing employees to allocate a portion of their salary to a StashWorks account. This account offers rewards for substantial savings and aims to help relieve financial stress.
Features and benefits
Employees can set up automated payroll deductions in their StashWorks account, which rewards them for maintaining savings streaks. Rewards can be withdrawn in shares or cash and are held for 90 days to prevent fraud. These rewards can be invested or spent using the Stock-Back® Debit Card, which provides additional equity rewards for purchases at publicly traded companies.
Employer contributions and support
Employers can contribute to their employees’ StashWorks rewards and participate in improving their financial well-being. Stash provides extensive customer support, directly handling all requests and offering training materials for smooth onboarding. Most importantly, no complicated HR or payroll integration is required.
Dealing with financial stress
Financial stress is a common problem among employees, affecting productivity and well-being. StashWorks addresses this issue by providing financial tools and educational resources to help employees manage their finances more effectively. The program is designed to be accessible to all employees, with no subscription fees or account minimums.
In the Press release announcing StashWorks, Liza commented, “It’s standard practice for employers to offer a 401(k) or pension for retirement, but hard-working Americans need just as much help saving for now. StashWorks supports both short- and long-term employee financial needs, with the broader impact of helping companies improve the employee experience by creating happier, healthier and more productive workplaces.”
StashWorks is already active with partners
Liza mentioned in our conversation that they were already testing StashWorks with several partners. They named some of these partners in the release. Wonder, a company founded by entrepreneur Marc Lore that is redefining home catering and food delivery; Aurify Brands, one of New York City’s largest independent restaurant operators; PEAK6 Investments; and other major public and private brands in retail, customer service and insurance.
It is supported by SHRM, the largest human resources association in the world. StashWorks works directly with employers and can be accessed through top-rated PEOs and top-tier benefits brokers.
Stash is a fintech leader, with more than 2 million active subscribers and managing more than $3 billion in assets. The platform is committed to providing accessible financial tools and education to its users, with the aim of improving overall financial well-being.
Stashworks is yet another example of how fintech attacks Americans’ financial well-being in new and innovative ways. I could see this becoming a much bigger part of their business before long.
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.