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Illustration: Sarah Grillo/Axios

Stash, a New York-based investing and savings platform, raised $112 million in Series F funding led by LendingTree at a valuation north of $800 million.

Why it matters: This reflects confidence that the current economic catastrophe won't prompt the same the formative risk aversion as did the financial crisis, when many young people swore off investing.

  • Other investors include T. Rowe Price and return backers Union Square Ventures, Breyer Capital, Goodwater Capital, and Greenspring Associates.

The bottom line: "The average age of a Stash user is 29 and average income is less than $50,000 per year. Users can invest in increments as small as $1, although the average is $28, with flat fees on top of that at $1, $3, and $9 for monthly subscriptions depending on what services you are using," reports TechCrunch.

Go deeper

Dan Primack, author of Pro Rata
1 hour ago - Podcasts

Net neutrality on the line under Biden

Federal net neutrality rules are back on the table in the Biden administration, after being nixed by Trump, but now might be complicated by the debate over social media companies' behavior.

Axios Re:Cap digs into why net neutrality matters and what comes next with Nilay Patel, editor-in-chief of The Verge and host of the Decoder podcast.

House grants waiver for retired Gen. Lloyd Austin to lead Pentagon

Defense Secretary nominee Lloyd Austin Photo: Chip Somodevilla/Getty Images

The House voted 326-78 on Thursday to grant retired Gen. Lloyd Austin a waiver to lead the Pentagon, clearing the way for the Senate to confirm President Biden's nominee for defense secretary as early as this week.

Why it matters: Austin's nomination received pushback from some lawmakers, including Democrats, who cited a law that requires officers be out of the military for at least seven years before taking the job — a statute intended to reinforce the tradition of civilian control of the Pentagon.

Amanda Gorman steals the show on Inauguration Day

Data: NewsWhip; Chart: Axios Visuals

Poet Amanda Gorman by far generated the most average interactions on social media on Inauguration Day, according to exclusive data from NewsWhip.