Commission free trading app Stake raises $30m

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.”

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.