Stake/Matthew Leibowitz & Daniel Silver
Stake lands $30m fundraise
The share trading platform has had ambitious plans to launch in multiple new global geographies following its expansion in the UK at the start of last year.
Australian commission-free stock trading platform Stake has closed a $30m funding round.
Investors in the round include Tiger Global, backers of the likes of Brex and Checkout.com as well as the partners of DST Global, who have also backed the latter fintech unicorn as well as Funding Circle and Zego among others.
The cash will be used to fuel its expansion into new markets - including Europe - and broaden its product offering.
In the past year, Stake says it has grown its total customer base more than six times to 330,000 customers in part by launching in the UK, Brazil and New Zealand.
It says 126,000 new customers have been acquired globally since the start of the year.
“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 (pictured left), founder and CEO of Stake.
Stake says it now has 4,400 US stocks & ETFs in its platform as well as offering multiple advanced order types and fractional shares.