Investment platform Stake has announced the completion of a $90 million fundraising round including investors Tiger Global and DST Global Partners.
Stake allows its customers to invest in the New York Stock Exchange and the ASX via its app.
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 in which the company said it wants to use to break barriers for the modern investor - and culminate in the largest-ever Series A fundraising for an Australian fintech at AU$90 million.
Matt Leibowitz, founder and CEO at Stake said, “This funding allows us to accelerate and continue to deliver on our mission to provide unrivaled 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.”
Alex Cook, Partner, Tiger Global said, “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
Leibowitz said, “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 our community invests.”
Stake now has over 50,000 customers in New Zealand and over 500,000 customers globally, and is planning to expand its platform in New Zealand to include ASX and crypto trading later this year.
Founded by Matt Leibowitz and Dan Silver in Sydney in 2017, Stake pioneered $0 brokerage for U.S. stocks in Australia, and then launched its offering in New Zealand in 2020. It now operates in Australia, NZ, UK and Brazil.