Continuing to break barriers, online brokerage Stake completes $90 million funding round.
It seems there is no barrier too high and no market too slow for digital broker Stake. Stake has announced the completion of a $90 million fundraising round, further solidifying their position as the leading brokerage for the next generation of Australian investors.
“In an environment where many online brokers are facing headwinds, Stake has continued to go from strength to strength. The growth in our customer numbers and asset base continue to outpace last year and we’re blown away, given it has been a much tougher macro environment. This is a vote of confidence from both customers and investors in what we have delivered and what we are building towards.” says Stake Founder and CEO Matt Leibowitz.
Having announced an initial $40 million Series A funding round in May 2021, the Series A extension announced today equips Stake with an additional $50 million to execute on its mission to break barriers for the modern investor – and culminates in the largest-ever Series A fundraising for an Australian fintech at $90 million. The Series A included renowned investors Tiger Global and DST Global Partners.
“This funding allows us to accelerate and continue to deliver on our mission to provide unrivalled access for next generation investors. We have been truly humbled to receive continued interest from top-tier global investors as they witness the impact that Stake is having in the market.” Leibowitz added.
“We’re excited to be part of what Stake is building and to support the company in the next phase of its journey. From day one, we’ve been impressed with the team’s focus on better customer outcomes and the innovative ways they connect their customers to the markets.” Said Alex Cook, Partner, Tiger Global.
Founded by Matt Leibowitz and Dan Silver in Sydney in 2017, Stake pioneered $0 brokerage for U.S. stocks in Australia. In late 2021, Stake launched a market-leading ASX platform with $3 CHESS-sponsored trades and are slated to enter the crypto space shortly.
Stake’s warchest may signify a seismic shift in the hotly contested online brokerage sector, as continued momentum at the company diverges from challenging conditions which have plagued both local and international players alike.
“Regardless of the market conditions, we remain laser focused on providing the best access to financial opportunities for our customers. We’re building an investing experience for the next generation of investors, and we’re excited to put our time and energy into redefining how Australia invests.” concluded Leibowitz.