Stoa Raises $2.4M to Turn Idle Cash Into Rewards

Jan de Vries · 2026-07-06

UK FinTech startup Stoa has just raised $2.4 million in pre-Seed funding. The goal? To turn your lazy bank deposits into something that actually works for you. No more letting cash sit in a checking account earning next to nothing. Instead, Stoa lets consumers and businesses unlock upfront lifestyle perks from their idle cash. Think of it as a rewards program for your savings, but way smarter. ### Who's Backing This? The round was co-led by Bespokeist Partners and Ingenii Capital. Other investors include Force Over Mass Capital and Fuel Ventures. A few notable angels also joined in, like Suneel Hargunani (formerly of Citi) and Rachel Sestini (partner at Shaw Gibbs group and co-founder of Canopy Capital). Mike Saraswat, Stoa's co-founder and CEO, puts it this way: "The future of cash management is not just about interest rates. People want choice, tangible value, and a clearer sense of how their money is working for them." ### How Stoa Works Stoa isn't your typical savings account. You deposit cash into what they call "Stoa Pots" for a fixed term. Instead of earning interest, you get upfront perks from partner brands. That's right, rewards before your money even starts working. The deposits stay protected with regulated banking partners. In the UK, eligible funds are covered under the FSCS protection scheme. So your cash is safe while it earns you value. Sam Goodenough, co-founder and CTO, explains: "We've built a modular and composable architecture that banks and merchants can plug into directly. Partners can offer Stoa Pots as a native part of their own product set, turning idle deposits into a genuine engagement and retention tool." When you link your bank account through open banking, smart algorithms analyze your spending and saving patterns. This helps shape even more personalized offers. It's like having a financial assistant that knows what you actually want. ### The Bigger Picture This funding round is part of a larger wave in European FinTech infrastructure. EU-Startups reports at least $415 million across comparable rounds this year. That includes UK-based raises from Round Treasury, MillTech, Allica Bank, wamo, Primer, Bound, and Firenze. Continental European activity comes from Silverflow, paymove, finperks, Smartwage, and Festina Finance. Including Stoa's round, the total hits roughly $418 million. The money is flowing toward platforms that help consumers, SMEs, and financial institutions manage money, payments, deposits, risk, and operations more efficiently. ### Why This Matters Here's a stat that'll make you think: According to Stoa, more than $819 billion is currently sitting in low-yield or non-interest-bearing consumer accounts in the UK alone. That's alongside over $341 billion in SME cash reserves. That's a lot of dead money. Memet Yazici, co-founder and Managing Partner at Bespokeist Partners, sums it up: "We are delighted to back a FinTech that encourages, measures, and elevates saving rather than spending. Stoa is here to create more value for savers, banks, and merchants from idle cash." ### What It Means for You - **For consumers:** You get upfront rewards for money you're not using anyway. No more waiting for interest to trickle in. - **For businesses:** Stoa helps attract larger deposits for longer periods. It also helps reduce churn and deepen customer loyalty. - **For merchants:** You can lower reliance on card processing fees while building stronger relationships with customers. Stoa's platform is already live in the UK for both consumers and businesses. Founded in 2022, the company is reimagining cash management by turning idle deposits into everyday value. It's a fresh take on an old problem: making your money work harder without taking on extra risk.