ECONOMY

Fintech Unicorn Stash Names First Independent Director, New CFO

U.S. financial-technology unicorn Stash named former Fastly Inc. Chief Financial Officer Adriel Lares as its CFO and former Lyft Inc. executive Jon McNeill as its first independent director ahead of a potential public listing.

“Adriel is an exceptional leader with a proven record of achieving highly ambitious goals,” Brandon Krieg, co-founder and chief executive officer of Stash, said in an emailed statement. “Jon is an industry legend, and we couldn’t be happier to benefit from his wisdom and widely acclaimed acumen on our board of directors.”

Lares joined the content-delivery network Fastly in 2016 and oversaw its 2019 initial public offering. He previously held the CFO role at Lookout Inc. and 3PAR Inc., and replaces Garrett Wright, who will become executive vice president of finance and explore growth options including mergers and acquisitions.

McNeill, CEO of DVx Ventures, is also a board member at Lululemon Athletica Inc., cloud-technology company Tekion Corp. and CrossFit Inc. He was Lyft’s chief operating officer during its 2019 IPO and, before that, worked in senior roles at Tesla Inc. and Enservio Inc. 

Stash says it has more than 2.1 million active subscribers, and is poised to hit $100 million in annualized recurring revenue. In February, it raised $125 million from investors including Todd Boehly’s Eldridge Industries, Owl Ventures and funds advised by T. Rowe Price Group Inc., among others, at a $1.4 billion valuation.

Earlier this month, Stash made its first purchase, acquiring financial literacy specialist PayGrade, which aims to teach money-management skills to children with the support of their teachers and parents.

Stash Buys Financial-Literacy Startup Amid Day-Trading Craze

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