Stack

STACK, founded in Toronto, Canada in 2016, operated as a financial technology company aiming to redefine personal finance for Canadian consumers. The company was established by Miro Pavletic, who served as CEO. STACK positioned itself as a challenger to traditional banking by offering a mobile-first platform that combined spending, saving, and sharing functionalities directly from a smartphone. The core offering was a reloadable prepaid Mastercard paired with a digital account, which allowed users to make purchases, including tap-to-pay transactions, anywhere Mastercard was accepted.

The business model centered on providing a no-fee digital banking alternative. Its application offered features such as real-time spending notifications, automated savings tools, and personalized rewards from various merchants. A key feature was the absence of monthly account fees or foreign exchange fees on purchases, which was a significant differentiator in the Canadian market. The company also provided a service to white-label its digital banking platform to credit unions across Canada. STACK's revenue generation was likely tied to interchange fees from merchants on card transactions and potential partnership agreements for its rewards program and white-label services.

In late 2019, STACK entered a pivotal partnership with Credit Sesame, a U.S.-based credit and loan company, to develop and launch Sesame Cash, a digital banking service in the United States. This collaboration led to the full acquisition of STACK by Credit Sesame in mid-2020. The acquisition was part of Credit Sesame's strategy to expand its services internationally and integrate banking features with its credit management platform. Following the acquisition, STACK's leadership, including CEO Miro Pavletic, was integrated into the Credit Sesame team to lead the Canadian and international business expansion. However, in August 2023, it was announced that the STACK Prepaid Mastercard would be discontinued, with all cards being deactivated by September 11, 2023, marking the end of its operations as a standalone consumer brand.

Keywords: STACK, getstack.ca, fintech, Canadian challenger bank, prepaid Mastercard, digital banking, mobile finance, Miro Pavletic, Credit Sesame, Sesame Cash, personal finance app, financial services, no-fee banking, rewards program, money management, tap-to-pay, white-label banking, fintech acquisition