Stash Financial Inc., a popular investment app that opened access to cryptocurrencies earlier this month, has raised $52.6 million in a debt offering, according to a new filing on Friday with the U.S. Securities and Exchange Commission. Stash confirmed the raise to CoinDesk.
The filing indicates the offering began on Sept. 6. The $52.6 million was the total Stash planned to raise in this offering, and the capital came from a dozen investors.
The offering consists of convertible debt from a mix of new and existing investors, Sarah Spagnolo, Stash communications vice president, told CoinDesk in an email. Convertible debt is a type of debt instrument can be converted into shares of the issuing company or some other type of equity.
On Oct. 4, Stash expanded access to eight cryptocurrencies for its more than two million active subscribers in the U.S. through separate crypto accounts. Apex Crypto, a subsidiary of Apex Fintech Solutions, provides the investment infrastructure. Stash first opened crypto access to users with the fully managed Smart Portfolio account type in January, with exposure to bitcoin and ether coming through two trusts managed by digital asset manager Grayscale (like CoinDesk, a unit of Digital Currency Group).
Stash previously raised $125 million in a Series G round in Feb. 2021 led by investment firm Eldridge. Other investors included Owl Ventures, funds and accounts advised by T. Rowe Price Associates, Goodwater Capital and Entree Capital.