Commission-free trading app Stake, which is available in UK, Brazil and New Zealand, has raised $30 million from Tiger Global and partners of London-based DST Global to expand into Europe.
Matt Leibowitz, Founder and CEO, Stake said: “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.”
Since launching in the UK in early 2020, Stake claims to have grown its total customer base more than six times over, with 25% month-on-month customer growth on average and hitting over 330,000 customers globally.
It was the first to offer commission-free access to the US market in Australia, offering retail investors access to over 4,400 US stocks & ETFs without a brokerage fee.
In the UK it competes with eToro, Libertex, Fineco, Plus500 and IG, among others.