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It began as a venture to give Australian retail investors commission-free trading in US stocks, but in less than four years Sydney-based Stake has gone global with more than 300,000 customers worldwide and has today announced a successful funding round to propel further growth.
The $40 million round was led by US-based Tiger Global and partners of London-based DST Global, which are both investors in the en vogue voice-based social network Clubhouse, along with investments in Coinbase, Deliveroo, Facebook and Alibaba Group between them.
Co-founded by its CEO Matt Leibowitz and COO Dan Silver in 2017, Stake has grown its customer base more than six times over in the past year with launches in New Zealand, the UK and Brazil.
"We're really excited to get to this point but it's just the start. We set out to change the game for retail investors, and were self-funded for the first four years of our journey," says Leibowitz.
"We've proven the model and now have the chance to expand our product and bring our zero-brokerage service to more retail investors."
The brokerage provides access to 4,000 US stocks including the ability to trade fractions, as well as analyst ratings and price targets from Wall Street firms.
While the investment is expected to fuel global growth, Australia will continue to be a top priority as the market where Stake draws nearly three quarters of the platform's base.
Expanding the product will also be a key focus as Stake aims to double-down on the depth and breadth of access it gives customers.
"We started with US shares, but that's just the beginning. Our DNA is embedded in access, and we've got exciting plans to give Aussies even more opportunities both in the short-and long-term," says Leibowitz.
"It's moments like these you stop and reflect on what the team has achieved at Stake. We're so thankful to the Stake team and our incredible customer community who have backed us - they are the reason Stake is where it is.
"We're so excited for the next part of the journey, as I sense that this is just the beginning."
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