By Staff Writer
Stash, an investment app created by Liberty, has proven to be a major hit amongst young South Africans after being downloaded and used by 12 000 users since this year’s Android launch in April.
On 15 October, the app to invest your spare change will also be available on Apple’s 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.
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. “If you bank with Capitec and tried to sign up, now you can get a Stash,” says Juan Labuschagne, head of development at Stash.
The company said 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 stash.co.za,” said Labuschagne.
The company said an average Stash user saves R175 every month; approximately R2 100 invested every year.