Stash, a fintech unicorn, recently made headlines when its cofounders announced their return as co-CEOs. This move comes after the departure of Liza Landsman, who had been the CEO since 2023. Along with this leadership change, Stash also underwent a restructuring that resulted in a 40% reduction of its workforce of around 220 employees, including three executives. This was the second major layoff at Stash this year.
Despite the leadership shakeup and restructuring, Stash continues to focus on its mission as an investing app for beginners. The company, based in New York City, operates in a competitive space alongside companies like Betterment, Acorns, and Robinhood. Stash offers users financial advice and auto-investing services through a subscription model.
While Stash has seen a decline in subscriber numbers from 2 million in 2022 to 1.2 million currently, the company is still actively exploring growth opportunities. This includes considering acquisition offers, such as the ones from eToro, or pursuing new funding rounds to fuel its expansion and pay off debt.
Despite facing challenges, Stash remains optimistic about its future. The company has implemented measures to streamline its operations, remove management layers, and refocus on its core products. With plans for a new funding round on the horizon, Stash aims to continue its growth trajectory in the competitive fintech landscape.
