Australian retail brokerage platform Stake has raised $30m from a new funding round led by Tiger Global.
The round also saw participation from DST Global and other unnamed partners.
Founded in 2017, Stake is a commission-free retail brokerage platform that provides retail investors with access to over 4,400 US stocks and exchange-traded funds with no-fee access. The platform also provides analyst ratings and price targets from companies on Wall Street.
According to Stake, it intends to use the funding to fuel its expansion into European markets.
Stake noted the firm has grown its customer base ‘more than six times over’ over the past year, with launches in the UK, New Zealand and Brazil. The company claims it also now has more than 330,000 customers worldwide.
CEO founder and CEO Matt Leibowitz 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.”
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