(Bloomberg) -- Consumer finance startup Stash is hiring investment bankers to explore options, including a financing or a sale, according to people familiar with the matter.

The company hasn’t made a final decision and a sale isn’t imminent, said the people, who asked not to be identified because the details were private.

“We are pursuing new financing like many companies on the verge of profitability,” a spokesperson for Stash responded in an emailed statement. “We also always responsibly vet valid opportunities when they arise.”

Stash is a popular consumer finance app that counts 2 million active subscribers. It has multiple offerings including a debit card that converts cash to stock. Stash provides financial advice and automates investing. 

Stash markets itself to younger and novice investors, who are looking to buy stocks and exchange traded funds. It also has banking and insurance offerings. Stash claims to have saved its users more than $200 million in overdraft fees. 

The business has already raised about $500 million in capital, according to data provider PitchBook. Backers include Union Square Ventures, Valar Ventures, Goodwater Capital and T. Rowe Price. The company was valued at $1.4 billion in 2021, according to PitchBook.

Tech and finance industry veteran Liza Landsman took the helm as chief executive officer last year. Landsman has served as a general partner at New Enterprise Associates. She also was president of Jet.com when it was acquired by Walmart Inc. for $3 billion in 2016. 

It has been a difficult fundraising environment for late stage startups the past couple of years. While financial technology startups have been beset by shrinking valuations, Stash was able to raise some additional financing last year. 

©2024 Bloomberg L.P.