Australia’s leading US brokerage platform Stake has announced it will be launching an Australian Securities Exchange (ASX) offering, and with it, bring a new generation of brokerage to the Australian market.
The announcement comes just weeks after Stake announced a $40m funding round from Tiger Global and partners of DST Global. Stake said the offering will not just replicate what’s already out there but instead will redefine the entire model.
What is Stake offering at the ASX?
The product has been designed in line with a swell of customer feedback about the experience and level of transparency when investing in Australian equities and ETFs.
“The last year has shone a spotlight on the new generation of investor. They’re savvy and demand transparency and control to build their wealth in new ways.”
“They don’t want to compromise, feel like they’re coming off second best or are just a cog in the machine. What we’ve built meets that demand,” said Matt Leibowitz, CEO at Stake.
Stake pioneered commission-free broking in Australia and created seamless access to the opportunities in the US market, where previously it had been costly and cumbersome.
“Expanding Stake to offer Aussie equities is a natural progression our customers have been asking for. We’ll continue to break barriers, now with the ASX, and enrich the investing experience through a better product, pricing model and UX,” continued Leibowitz.
Stake has not yet revealed the full details of its ASX offering but can confirm it will be giving access to all publicly traded stocks and ETFs on the ASX and Chi-X.
Stake offering dynamic and fluid control
Given its leading US share trading product, this will provide customers dynamic and fluid control over their investments between these two markets.
“The new generation are after opportunities everywhere. They want flexibility, choice and control. Our mission is to continue to unlock this for them and launching ASX is a huge step on this journey, especially for our customers in Australia.” concluded Leibowitz.
Stake will launch its ASX offering in Q4 2021 after running a Beta available to existing Stake customers only. More information on the product will be announced soon.
Stake has already announced its move to reshape the antiquated superannuation space with a modern self-managed super fund (SMSF) product that’s currently in Beta.
Since its launch in 2017, Stake has amassed over 340,000 customers across Australia, New Zealand, the UK and Brazil by spearheading commission-free broking.
It is still offering investors sophistication through advanced order types, analyst ratings and price targets, full company financial data, as well as fractional shares.
