Why are you worth a $25M valuation already?

Hey Nicholas, thanks for your question! Our team has a great background in finance and engineering, and have had success with a prototype, which then caused a spike in demand by thousands of waitlist signups. We also did a strong presentation for a Stonks.com Demo Day, which brought us over $8.5M in investor interest within the first 10 mins of the pitch, link for more info here: https://www.linkedin.com/feed/update/urn:li:activity:6906718726583169024 Due to this demand, and not a lot of room...

Hi, could you talk a bit more about how there's no tax implications for the sender in this scenario? For example "under the hood of this app", is the user making use of "Gift Tax Exemptions" and could, in theory, only send that tax year's limit ($15k for 2021 tax year, $16k fo...

Hey Amit, that's a great question! We have answered this on our website FAQ section. There are no amount limits for the sender. How it works: Let's say you go out to dinner with your friend, and he covers the entire bill. You want to pay your friend back $50 in stock, so when you go onto their profile page, you can see what his favorite stocks are. You have an option to pay him in any of his favorites. When you click send, the $50 comes out of your bank account that you hook up to the app (St...

Hi Lucy, Victoria and Nikki, congrats on your early success. Great concept. You mentioned in another Q&A (above) that based on your Stonks presentation, you had “$8.5M in investor interest” and that helped you settle on a $25M valuation. How much funding has Staax raised t...

Hey Clay, Thanks for your comment and question! Staax has raised approx $2M in funding to date, including this WeFunder campaign amount as of today. We can consider this all 1 round, and our first ever round (WeFunder may be seen as an extension round). Our last round valuation closed at a $25M post-money SAFE. We've had no priced rounds before, and have mainly raised on SAFE notes. For this WeFunder campaign, we are not increasing our valuation from the last round (hence, we may count it as ...

Hi again Lucy, Victoria and Nikki, your website says that Staax is free. I understand how Staax can be free for the sender. However, for the recipient of a payment via Staax, aren’t there fees that Staax needs to pay to buy shares of stock on behalf of the Recipient? (Usually ...

Hey Clay, Our services of sending, receiving, buying and selling stock are completely free for our users! When you send someone stock, you don't need to own the stock to send it. It comes out of your cash balance, and enters the recipient's account as a notification that they got stock. It converts the backend cash to stock once the recipient clicks "accept". We've built an efficient ledger system on that backend of the app that allows users to send and receive instantly, so we don't pay for ...

Hi Staax team. Congrats on the Apple app launch. Do you have a version on Google Play?

Hi Clay, our engineering team is working hard to release on android and we should be launching that in the coming months :)

Staax 💸

Enabling peer-to-peer payments via fractional shares of stock ✨

staaxapp.com

San Francisco, CA

Technology Fintech & Finance Female Founder B2C

Highlights

We make investing social, and as easy as receiving payments from your friends 🪙

Closed almost $2M in funding. Over $10M in total investor interest to date 💰

Investors include, Techstars, Western Union, Litquidity, Hustle Fund, Plug & Play, Harlem Capital, and Lightspeed 🦄

12,000+ people on our waitlist to date since opening in Fall 2021 📈

Team

Memo

Current p2p payment apps don't allow users to transact via investments in a social way, which means oftentimes when people get paid back, they accumulate large balances in their accounts, until they remember to transfer it to their bank and then transfer it to their brokerage, which can be cumbersome.
Many of these existing apps make profit off the user's balances, whereas we allow the user to make profit for themselves from their balances by investing long-term.

Send as little as $1 of stock, with no fees, no paperwork and no tax implications for the sender.
Traditionally, to send stock, it can be a difficult process. You oftentimes have to own the stock to be able to send it, which triggers a tax event since it involves selling off your existing stock. This also comes with paperwork, delays, and fees.
On Staax, users do not face any of those challenges, and we allow people to send stock without having to own it in the first place.

Users can pay or request people in their favorite stocks. When you pay someone in a stock, it comes out from your Staax cash wallet, and once the recipient clicks "accept" in the notifications tab, the cash turns into stock automatically.
This is how we avoid taxes, fees, and paperwork as we help turn your disposable income into wealth-generating assets.

The social aspect of Staax is what creates a community and conversation around investing.
Get access to your friend's trades and portfolio favorites, and engage in conversation by "liking" and "commenting" on transactions!

Some of our notable investors include Western Union, Techstars, Harlem Capital, Litquidity, Lightspeed, Hustle Fund and Plug and Play.

Staax 💸

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