Global fintech, Stake is a commission-free trading app that lets Brits access the US markets. The brokerage platform just announced that it picked $30 million (nearly £22 million) from US-based Tiger Global and partners of London-based DST Global.
Bullish on global growth and expansion
The funds will be used to fuel its expansion into new markets including Europe and broaden its product offering. It will also help the company solidify its position in the UK. Also, it will focus on expanding the product as Stake aims to double down on the access it provides its customers. The raise came after the strong growth of Stake in the UK, as part of its global expansion.
“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.
Among world’s fastest-growing brokerage companies
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.
Since its launch in the UK in early 2020, Stake has witnessed 25% month-on-month customer growth on average. This year has proven to be a bumper year across all markers with 126,000 new customers and over 330,000 customers globally.
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.” said Leibowitz.
Founded by Matt Leibowitz and Dan Silver, Stake offers retail investors access to more than 4,400 US stocks & ETFs sans any brokerage fee. Investors can access multiple advanced order types and trade fractional shares, thereby bringing all shares to retail investors. The investors can trade instantly before funds have settled, and access analyst ratings and price targets from Wall St firms.
“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.