On a global scale, financial inequality is widening, and younger generations are taking the biggest burden of this challenge. Dutch fintech startup Bits of Stock has raised €4.2 million to address wealth inequality and help young people learn about finance and investing.
The round was led by Keen Venture Partners and Yellow Accelerator by Snap Inc.
The extra cash will fuel the company’s expansion plan and allow it to rope in more than 200 brands in the next 12 months. The fintech firm is currently working with 60 brands, including Adidas, KFC, Nike and Zara, and, has subscription brands such as Uber, Spotify and Netlfix active on the platform.
Founded in 2018, the Amsterdam-headquartered platform has introduced a consumer reward platform that drives loyalty for brands, replacing traditional points, loyalty cards, and cashback programs with assets that grow in value over time. This allows everyday choices to become wealth-building opportunities. Shoppers need to enroll their credit cards in the Bits of Stock app to automatically start earning rewards.
The company has also rolled out a growth rewards API to allow clients to embed a seamless rewards experience into their own applications and choose from thousands of fractional shares and crypto rewards.
Talking about building an ‘Ownership Economy’ for the thousands of brands and their end consumers, Arash Asady, CEO and co-founder of Bits of Stock, said: “The Bits of Stock Growth Rewards API will support a range of embedded finance and rewards-as-a-service use case. It is the most significant innovation in customer loyalty programs since they began, more than two centuries ago.”
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