Stake raises $30m to fuel global growth and product rollout
Commission-free brokerage platform, Stake, has announced a successful funding round of $30m from Tiger Global and partners of DST Global to fuel its expansion into new markets – including Europe – and broaden its product offering.
The raise comes after strong growth of Stake in the UK, as part of its global expansion.
In the past year Stake has grown its total customer base more than six times over, and launched in the UK, Brazil and New Zealand and now has more than 330,000 customers globally.
“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. We’ve proven the model and now have the chance to expand our product and bring our zero-brokerage service to more retail investors,” said Matt Leibowitz, Founder and CEO, Stake.
Stake offers retail investors access to more than 4,400 US stocks & ETFs, with $0 brokerage. Investors can access multiple advanced order types and trade fractional shares – bringing all shares, no matter the headline price, to retail investors. Investors can trade instantly, before funds have settled, and access analyst ratings and price targets from Wall St firms.
Leading the funding round are US-based Tiger Global, and partners of London-based DST Global who have backed some of the world’s biggest tech companies. Stake will benefit from the funds as well as the wealth of experience that comes with partners of this calibre.
The investment will fuel global growth – including expansion into Europe – as well as investing more deeply in the UK to solidify its position. Since its UK launch in early 2020, Stake has seen an average 25% month-on-month UK customer growth and 2021 is proving to be a bumper year across all markets with over 126,000 new customers acquired. Expanding the product will also be a key focus as Stake aims to double-down on the depth and breadth of access it provides its customers.
“We started with US stocks & ETFs, but that’s just the beginning. Access is in our DNA and we’ve got exciting plans to give UK investors even more opportunities both in the short and long-term,” Leibowitz explained.
Stake was the first to offer commission-free access to the US market in Australia and launched in the UK offering the same seamless access to the world’s largest market. It continues to be one of the fastest growing companies in the brokerage space globally, beating competitors into major markets.
“It’s moments like these you stop and reflect on what the team has achieved. 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,” concluded Leibowitz.