Stake, an Australian-founded commission free consumer trading app, has raised $30 million.
The app allows UK investors to trade US stocks without paying the commission fees associated with traditional brokerages.
The round was led by US investment house Tiger Global and UK based DST Global, who have previously invested in Funding Circle and Zego.
Stake said the capital will be used to fuel its expansion into new markets such as mainland Europe and to develop its product offering.
The app claims to have grown its total customer base more than six times over year-on-year, and has launched in the UK, Brazil, and New Zealand.
Since its UK launch in February 2020, Stake claims to have experienced 25 per cent monthly customer growth.
The pandemic has boosted worldwide interest in stock trading from retail investors; US trading app Robinhood reported a 514 percent revenue increase for the 2020 financial year, while eToro reported year-on-year revenue growth of 147 per cent.
“We started with US stocks and exchange traded funds (ETFs), but that’s just the beginning,” said Matt Leibowitz, founder and chief executive at Stake. “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.”
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