commission-free trading app stake secures $30m from tiger global to expand into europe
Stake Secures $30 Million to Fuel European Expansion
Stake, a trading application offering commission-free services, has successfully secured $30 million in funding. This investment comes from Tiger Global and partners at DST Global, a firm based in London.
The capital injection is strategically intended to facilitate the platform’s expansion into the European market. Currently, Stake operates in the U.K., Brazil, and New Zealand.
CEO Highlights Growth and Future Plans
Matt Leibowitz, the founder and CEO of Stake, expressed his enthusiasm regarding this funding round. He emphasized that this represents a significant milestone, but is merely the beginning of their ambitious growth trajectory.
Leibowitz stated the company’s initial goal was to revolutionize investing for individual traders. For the first four years, Stake was entirely self-funded.
Having validated their business model, Stake now has the opportunity to broaden its offerings and extend its zero-commission trading services to a wider audience of retail investors.
Rapid Customer Acquisition
Since its launch in the U.K. in early 2020, Stake reports substantial growth. The platform’s customer base has increased by more than sixfold.
Average monthly customer growth has been approximately 25%, resulting in a global customer base exceeding 330,000.
Pioneering Commission-Free U.S. Market Access
Stake was the first to provide commission-free access to the U.S. stock market for investors in Australia. This allows retail investors to trade over 4,400 U.S. stocks and ETFs without incurring brokerage fees.
Competitive Landscape in the U.K.
Within the U.K. market, Stake faces competition from several established players. These include:
- eToro
- Libertex
- Fineco
- Plus500
- IG
Stake aims to differentiate itself through its commitment to commission-free trading and accessible investment opportunities.
Mike Butcher
Mike Butcher: A Profile of a Leading Tech Voice
Mike Butcher, M.B.E., is a highly respected figure in the technology landscape. Previously serving as Editor-at-large for TechCrunch, his journalistic background includes contributions to prominent UK newspapers and magazines.
Recognition and Influence
Wired UK has recognized Butcher as one of the most influential individuals shaping European technology. This acknowledgement underscores his significant impact on the sector.
Speaking Engagements and Interviews
Butcher is a sought-after speaker, having presented at prestigious events like the World Economic Forum, Web Summit, and DLD. He has conducted interviews with a diverse range of prominent figures.
Among those he has interviewed are former UK Prime Minister Tony Blair, Russia’s Dmitry Medvedev, actor Kevin Spacey, model Lily Cole, Telegram founder Pavel Durov, and Wikipedia’s Jimmy Wales, alongside numerous other technology executives and celebrities.
Broadcasting and Advisory Roles
As a frequent broadcaster, Mike Butcher regularly appears on major news networks. These include BBC News, Sky News, CNBC, Channel 4, Al Jazeera, and Bloomberg.
His expertise extends to policy advising, having consulted with UK Prime Ministers and the Mayor of London regarding technology startup initiatives. He also served as a judge on the UK edition of The Apprentice.
Awards and Founding Ventures
GQ magazine once listed him among the 100 Most Connected Men in the UK, highlighting his extensive network. Butcher is also the co-founder of several notable organizations.
- TheEuropas.com: A platform showcasing the Top 100 European startups.
- Techfugees.com: A non-profit organization.
- TechVets.co: Another non-profit initiative.
- Startup Coalition: Focused on supporting startups.
In 2016, Mike Butcher was awarded an M.B.E. in the Queen’s Birthday Honours list. This honor recognized his contributions to both the UK technology industry and the field of journalism.