Mobile messaging financial advisory service, Stackin, adds banking features and raises cash – gpgmail


When Stackin initially pitched itself as part of Techstars Los Angeles accelerator program two years ago, the company was a video platform for financial advice targeting a millennial audience too savvy for traditional advisory services.

Now, nearly two years later, the company has pivoted from video to text-based financial advice for its millennial audience and is offering a new spin on lead generation for digital banks.

The company has launched a new, no-fee, checking and savings account feature in partnership with Radius Bank, which offers users a 1% annual percentage yield on deposits.

And Stackin has raised $4 million in new cash from Experian Ventures, Dig Ventures and Cherry Tree Investments, along with supplemental commitments from new and previous investors including Social Leverage, Wavemaker Partners, and Mucker Capital.

“Stackin’ has a unique and highly effective approach to connect and communicate with an entire generation of younger consumers around finance,” said Ty Taylor, Group President of Global Consumer Services at Experian, in a statement.

Founded two years ago by Scott Grimes, the former founder of Uproxx Media, and Kyle Arbaugh, who served as a senior vice president at Uproxx, Stackin initially billed itself as the Uproxx of personal finance.

It turns out that consumers didn’t want another video platform.

“Stackin’ is fundamentally changing the shape and context of what a financial relationship means by creating a fun, inclusive and judgement free environment that empowers our users to learn and take action through messaging,” said Scott Grimes, CEO and co-founder of Stackin’, in a statement. “This funding allows us to build out new features around banking and investing that will enhance the relationship with our customers.”

Later this fall the company said it would launch a new investment feature that will encourage Stackin users to participate in the stock market. It’s likely that this feature will look something like the Acorns model, which encourages users to invest in diversified financial vehicles to get them acquainted with the stock market before enabling individual trades on stocks.

According to Grimes, the company made the switch from video to text in March 2018 and built a custom messaging platform on Twilio to service the company’s 500,000 users.

“In a short time, we have built a large customer base with a demographic that is typically hard to reach. Having financial institutions like Experian come on board as an investor is a testament that this model is working,” Grimes wrote in an email.


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Capital One’s breach was inevitable, because we did nothing after Equifax – gpgmail


Another day, another massive data breach.

This time it’s the financial giant and credit card issuer Capital One, which revealed on Monday a credit file breach affecting 100 million Americans and 6 million Canadians. Consumers and small businesses affected are those who obtained one of the company’s credit cards dating back to 2005.

That includes names, addresses, phone numbers, dates of birth, self-reported income and more credit card application data — including over 140,000 Social Security numbers in the U.S., and more than a million in Canada.

The FBI already has a suspect in custody. Seattle resident and software developer Paige A. Thompson, 33, was arrested and detained pending trial. She’s been accused of stealing data by breaching a web application firewall, which was supposed to protect it.

Sound familiar? It should. Just last week, credit rating giant Equifax settled for more than $575 million over a date breach it had — and hid from the public for several months — two years prior.

Why should we be surprised? Equifax faced zero fallout until its eventual fine. All talk, much bluster, but otherwise little action.

Equifax’s chief executive Richard Smith “retired” before he was fired, allowing him to keep his substantial pension packet. Lawmakers grilled the company but nothing happened. An investigation launched by the former head of the Consumer Financial Protection Bureau, the governmental body responsible for protecting consumers from fraud, declined to pursue the company. The FTC took its sweet time to issue its fine — which amounted to about 20% of the company’s annual revenue for 2018. For one of the most damaging breaches to the U.S. population since the breach of classified vetting files at the Office of Personnel Management in 2015, Equifax got off lightly.

Legislatively, nothing has changed. Equifax remains as much of a “victim” in the eyes of the law as it was before — technically, but much to the ire of the millions affected who were forced to freeze their credit as a result.

Mark Warner, a Democratic senator serving Virginia, along with his colleague since turned presidential candidate Elizabeth Warren, was tough on the company, calling for it to do more to protect consumer data. With his colleagues, he called on the credit agencies to face penalties to the top brass and extortionate fines to hold the companies accountable — and to send a message to others that they can’t play fast and loose with our data again.

But Congress didn’t bite. Warner told gpgmail at the time that there was “a failure of the company, but also of lawmakers” for not taking action.

Lo and behold, it happened again. Without a congressional intervention, Capital One is likely to face largely the same rigmarole as Equifax did.

Blame the lawmakers all you want. They had their part to play in this. But fool us twice, shame on the credit companies for not properly taking action in the first place.

The Equifax incident should have sparked a fire under the credit giants. The breach was the canary in the coal mine. We watched and waited to see what would happen as the canary’s lifeless body emerged — but, much to the American public’s chagrin, no action came of it. The companies continued on with the mentality that “it could happen to us, but probably won’t.” It was always going to happen again unless there was something to force the companies to act.

Companies continue to vacuum up our data — knowingly and otherwise — and don’t do enough to protect it. As much as we can have laws to protect consumers from this happening again, these breaches will continue so long as the companies continue to collect our data and not take their data security responsibilities seriously.

We had an opportunity to stop these kinds of breaches from happening again, yet in the two years passed we’ve barely grappled with the basic concepts of internet security. All we have to show for it is a meager fine.

Thompson faces five years in prison and a fine of up to $250,000.

Everyone else faces just another major intrusion into their personal lives. Not at the hands of the hacker per se, but the companies that collect our data — with our consent and often without — and take far too many liberties with it.


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