Stackin Inc., a text message-based mobile financial platform, has raised $12.6 million in Series B funding led by Octopus Ventures.
Stackin uses personalized text messages to help young consumers manage their finances, including save money, reduce debt and invest, according to a press release on the funding effort.
The company will use the financing to deepen its relationship with subscribers through enhanced personalization, simplify product onboarding and broaden its marketplace of products and services. The company also plans to expand overseas to the U.K. later this year.
“This funding allows us to provide our current users a more personalized and connected experience, expand and enhance our partnerships and continue our rapid growth,” Scott Grimes, Stackin co-founder and CEO, said in the release. “We’re thrilled to partner with Octopus Ventures to support our vision to create an entirely new type of financial relationship with the next generation of consumers.”
The company currently offers savings, checking and investing products through its marketplace and will expand that product listing to include credit cards, loans and insurance.