Stake raises $12 million

Fintech startup Stake announced the completion of a $12 million Series A funding round led by RET Ventures, with participation from Enterprise Community Partners, Hometeam Ventures; Operator Stack, Second Century Ventures, Shadow Ventures, and Olive Tree Ventures.

Founded in 2018, the NY-based startup offers renters cash back on their rent as well as no-fee banking services (provided by Blue Ridge Bank) to build savings.

“Renters don’t need more debt or loans. What renters need is money to help with everyday essentials and to establish long-term savings. With Stake, we have reimagined the classic ‘rainy day fund’ for renters to build the sort of wealth traditionally associated with home ownership. Now, their largest expense is also their largest source of savings.” – Rowland Hobbs, co-founder and CEO of Stake.

“Stake’s approach to housing affordability is perfectly aligned with the mission of our ESG-centric fund. While a slew of platforms offer renters innovative payment options, they are all credit or debt-based. They ultimately encourage dangerous behaviors as part of their proposed solution. Stake flips the script on this model by offering a risk-free, renter-centric, efficient, and easy-to-use pathway toward building wealth.” – John Helm, partner at RET Ventures.