Status: Active
Sector: Fintech
Industry: Financial Services, Consumer Finance, Digital Payments
Summary: Bits of Stock is a stock rewards app. It is a consumer rewards platform that increases loyalty through Stock Rewards for partial shares of private and public companies.
Company Overview: Bits of Stock is a fintech startup founded in 2017 that supports its users’ daily spending with stock rewards. The app offers a digital investing and spending experience especially for Generation Z and Millennials. It aims to increase financial literacy and encourage the habit of investing.
Business Model: The company earns through commissions from user transactions and partnerships with brands. Users gain stock rewards from specific brands’ purchases.
Product & Services:
● Fractional Trading: Users can trade stocks and ETFs on a commission-free basis.
● Stock Rewards: Users earn stocks every time they shop.
● Round-Ups: Users can invest in stocks with fractions of their spending.
Key People:
- Arash Asady – CEO & Co-Founder
- Faramarz Farhoodi – CTO & Co-Founder
- John Lee – COO
Investment & Growth Information: In 2020, it received 1.8 million dollars in a seed investment round. The company continues to work on new business partnerships and expanding its user base in line with its growth targets. Additionally, NYU study shows Stock Rewards increase monthly spending by 50.6% and transaction volume by 24.1%, making it 51.1 times more effective than cashback.