Investment App – Stash by Liberty has proven to be a major hit among young South Africans, raking up 12 000 users since its Android launch in April.
On 15 October, the only app to invest your spare change will be available on Apple;’ iOS.
Stash is an app that simply rounds up transactions when you swipe your bank card and invests the digital spare change in South Africa’s top 40 companies, tax free. In just 49 seconds, you sign up, link your debit, credit or cheque card to the app, and get R50 free to kick-start your investment journey. Each time you spend on your card, the app rounds up the amount spent to the nearest R10 and stashes the digital spare change into your investment account.
More than 60% of Stashers are under the age of 35. Getting the younger generation to invest is a challenge because young people are so focused on work, family and socialising that they often neglect this essential financial imperative “That’s why Stash has kept it simple. We’ve loved how quickly people have caught on to Stash. More than a third of Stashers join through friends and more than 3 000 people have pre-registered for Stash for Apple on,” says Juan Labuschagne, head of development at Stash.
Stash now works with all of South Africa’s major banks too. The most recent addition is Capitec — the second biggest bank in South Africa.
“Stash is a South African first,” says Labuschagne. “We went back to the drawing board to design an app-based investment that works for those who find investing intimidating. It puts the power of the stock market on your smart phone, and you can access your money whenever you need it.”
The average Stash user saves R175 every month; approximately R2 100 invested every year.