Crypto Portfolio Tool Stacked Raises $35 Million

During the pandemic, retail investment platforms have seen huge spikes in interest. This has been evident in the “meme stock” revolution as well as the growing popularity of free trading apps. Meanwhile, interest and investment in cryptocurrencies have exploded as well, with many consumers even moving beyond bigger assets such as Bitcoin and exploring opportunities found in smaller coins. Now, a platform that helps crypto investors maximize their portfolios has raised a significant amount of money itself.

This week, Stacked announced that it had closed a $35 million funding round. The Series A was led by Alameda Research along with Mirana Ventures, while Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital also participated in the “oversubscribed” round. The raise follows a seed round for the startup in summer 2020 and brings their total funding to date up to $36.5 million.

Stacked is a crypto investment platform that puts an emphasis on managing your portfolio. Using the service, users can link their various accounts, set up automated crypto trading and rebalancing, and select pre-built crypto portfolios. These features have helped Stacked grow a sizeable userbase since launching in April of last year. According to the company, their “tens of thousands” of customers have automated more than $10 billion worth of transactions in 2021 so far.

Speaking to the evolution of the service, Stacked co-founder and CEO Joel Birch said in a statement, “We’re moving beyond just a ‘cool crypto portfolio manager’ to a true, regulated digital asset wealth advisor.” Birch went on to note the inspiration and need for the platform, saying “Trading crypto isn’t a great experience for the average person, and most people have no idea what to invest in. Imagine simply taking a risk assessment and having an automatically-managed portfolio created for you instantly. Investors need more passive tools, and Stacked is bringing that to them.”

As for what brought Alameda Research Ventures to invest in Stacked, the firm’s partner Brian Lee explained, “Since we began investing in Stacked over a year ago, the team has proven they have the ability to provide a unique and simple investment experience for retail investors. The ability to give users some guardrails when building a portfolio, while also allowing that user to custody funds on their preferred exchange is something investors really need. Now with this added focus on regulation, Stacked is in the best position to own the passive investment market in crypto.”

Looking at what Stacked has to offer, it’s easy to see why the startup was able to garner this impressive Series A. Given the popularity of crypto investing, it makes perfect sense that consumers would be looking for a tool that can help them manage their cryptocurrency portfolio in a manner similar to what roboadvisors offer for stocks and bonds. With a sleek-looking product and now $35 million in its coffers, it will be interesting to see what Stacked is able to accomplish in 2022 and beyond.

Leave a Reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

FinTech Funding Grows 169% in 2021 to Reach New Record

Anyone paying attention to the FinTech field throughout 2021 could probably guess that it was a record-breaking year. Sure enough, new figures from CB Insights confirm that to be the case. According to the latest State Of Venture report, FinTechs raised a combined total of $131.5 billion in 2021. That marks a 169% increase over 2020's $49 billion total. The year was capped by a $34.9 billion Q4 that ranks...

Neobank Current Introduces 4% APY Feature for Savings

In recent years, savings account holders have likely seen the interest they earn from their funds fall tremendously. This decline has even been true among many FinTechs that have typically offered better rates than the big banks. However, one neobank is now rolling out a new feature that will allow customers to earn interest that's 60 times higher than the national average. This week, Current announced that customers will be...

FinTech Prosper Introduces Credit-Building Card

For years, FinTechs have been disrupting the credit industry. From websites like Credit Karma making it easier for consumers to understand their credit reports to various platforms looking beyond credit scores and utilizing alternative algorithms to determine creditworthiness, there are now several credit-building opportunities available to Americans that weren't there previously. Now, the marketplace lending platform Prosper has announced the launch of a new and interesting credit card product. The...