Stake Raises AU$40M To Fuel Product Rollout And Global Growth
AUCKLAND, 18 MAY, 2021 — Leading digital brokerage platform for US shares, Stake, has announced a successful funding round from Tiger Global and partners of DST Global of AU$40m to propel the expansion of its product as well as its global presence.
The raise comes after the continued rapid growth Stake has seen as well as its global expansion. In the past year, Stake has grown its customer base more than six times over, and expanded beyond Australia, launching in New Zealand in April 2020 followed by the UK and Brazil. Globally, it now has more than 330,000 customers, including almost 40,000 New Zealand customers.
“We’re really excited to get to this point, but this is 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 4,000 US stocks, with $0 brokerage. Investors can access multiple advanced order types and trade fractions of shares – making all shares, no matter the headline price, accessible to retail investors. Investors can trade instantly, before funds have even settled, and access analyst ratings and price targets from Wall St firms.
Leading the funding round is US-based Tiger Global, and partners of London-based DST Global who have backed some of the world’s biggest tech companies. Tiger Global are also notable backers of Kiwi merino shoe-success Allbirds. Stake will benefit from the funds and the wealth of experience that comes with partners of this calibre.
The investment will be put toward accelerating growth globally, with a real focus on New Zealand.
“There’s huge demand in NZ and the local community is one of the most sophisticated. The ambition is to further build the team locally, and deepen our roots with customers, communities and partners,” said Leibowitz.
Expanding the product will also be a key focus as Stake aims to double-down on the depth and breadth of access it provides 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 Kiwis even more opportunities both in the short-and long-term.” Leibowitz explained.
Stake pioneered commission-free brokerage in New Zealand. 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 our staff 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.