When I interviewed Stash CEO Liza Landsman earlier this year, she mentioned she was excited about the new B2B platform the company was launching in Q2. Today, Stash has launched StashWorks, what they are calling the “first automated savings solution that rewards your employees for achieving their financial goals.”
While Stash has made a name for itself in simple direct-to-consumer investing products, this is its first foray into the B2B segment. But, according to Liza, this new initiative came out of direct inquiries the company fielded from employers who had found out about Stash from their employees and wanted to offer it as a companywide benefit.
StashWorks: Enhancing Workplace Financial Wellness
What is StashWorks exactly? It 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 paycheck to a StashWorks account. This account offers rewards for consistent savings and aims to help alleviate financial stress.
Functionality and Benefits
Employees can set up automated payroll deductions into their StashWorks account, which rewards them for maintaining savings streaks. Rewards can be taken in stock or cash and they are held for 90 days to prevent fraud. These rewards can be invested or spent using the Stock-Back® Debit Card, which provides additional stock rewards for purchases at publicly traded companies.
Employer Contributions and Support
Employers can contribute to their employees’ StashWorks rewards and participate in enhancing their financial wellness. Stash provides extensive customer support, handling all inquiries directly and offering training materials for smooth onboarding. Most importantly, there is no complicated HR or payroll integration required.
Addressing Financial Stress
Financial stress is a common issue among employees, impacting productivity and well-being. StashWorks addresses this 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 either a 401(k) or a pension for retirement, but hardworking Americans need just as much help saving for now. StashWorks supports employees’ financial needs in both the short and long term, with the broader impact of helping companies elevate the employee experience—leading to happier, healthier, and more productive workplaces.”
StashWorks is Already Live with Partners
Liza mentioned in our conversation that they were already testing StashWorks with several partners. They named some of those partners in the release. Wonder, a company founded by entrepreneur Marc Lore that is redefining at-home dining and food delivery; Aurify Brands, one of New York City’s largest independent restaurant operators; PEAK6 Investments; and other notable private and public brands in retail, customer service, and insurance.
It is backed by SHRM—the world’s largest HR association—StashWorks works directly with employers and can be accessed through best-in-class PEOs as well as top-tier benefit brokers.
Stash is a fintech leader, with over 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, aiming to improve overall financial wellness.
Stashworks is yet another example of fintech attacking the financial wellness of Americans in innovative new ways. I could see this becoming a much bigger part of their business in short order.
