Bits of Stock, an Amsterdam-based fintech platform, has announced that it has secured $4.4 million (around €4.2 million) in a funding round from Keen Venture Partners and Yellow Accelerator by Snap Inc.
The Dutch company plans to use the funds to double its size and integrate around 200 brands over the next 12 months. The company’s strategy is to expand its marketing and sales teams in the United States, while maintaining a global development team in Amsterdam.
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With this funding, Bits of Stock aims to capitalize on the integrated finance industry, which is expected to grow to $7.2 billion by 2030.
“We are very proud to be backed by Keen Venture Partners and Yellow Accelerator by Snap,” says Arash Asady, CEO and Co-Founder of Bits of Stock.
“The funding will help us scale up our mission of building the ‘ownership economy’ for the thousands of brands and their tens of millions of end consumers. Our ultimate goal is to tackle wealth inequality and help young people learn about finance and investing,” he adds.
Bits of Stock aims to make financial products like fractional shares easily accessible, especially for younger generations who find it difficult to build long-term wealth.
The company says the majority of Millennials and Gen Z don’t invest and have less savings than older generations.
Bits of Stock: What you need to know
Founded by Arash Asady, Colin Kuntz and Ryan Gary, Bits of Stock is a consumer rewards platform that builds consumer loyalty through stock rewards – fractional shares of private and publicly traded companies.
With the move, the company aims to replace traditional methods, including points, loyalty cards and cashback programs, with assets that grow over time.
To get started, shoppers need to register a credit card in the Bits of Stock app to start earning rewards.
Additionally, the company is also launching a Growth Rewards API, allowing customers such as brands, retailers, neobanks and BNPL providers to integrate the rewards experience into their own apps and choose from thousands of split shares and crypto rewards.
Asady adds, “The Bits of Stock Growth Rewards API will support a range of in-app funding and rewards-as-a-service use cases. It’s the most significant innovation in customer loyalty programs since their inception more than two centuries ago.
Currently, Bits of Stock works with 60 brands, including Adidas, KFC, Nike, Zara and many more. Subscription brands such as Uber, Spotify and Netflix are also active on the platform, the company says.
The fintech has offices in Amsterdam and New York.
Keen Venture Partners is a venture capital firm based in Amsterdam and London. It supports outstanding teams and fast-growing scale-ups across Europe at the Serie A and Serie B stages.
“We are thrilled to be working with co-founders Arash and Ryan, who are doing their part for the ownership economy,” said Abdul Afridi, an investor at Keen who led the funding round with $2.5 million. dollars.
“Brand loyalty is a big consequence, but at Keen we believe that creating wealth for younger generations is an equally if not more important consequence.”
The Yellow Accelerator is Snap’s launch pad for entrepreneurs looking to build the next generation of great media companies.
Launchpad invests in companies that can contribute to human progress, enabling people to express themselves, live in the moment, experience the world and have fun together.
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