Australian share trading start-up to launch in UK
Australian share trading start-up, Stake, has been granted a licence by the Financial Conduct Authority (FCA) to launch in the UK, putting the fintech just months from its British debut, reports AltFi.
Instead of just developing a mobile app like Revolut or Freetrade, Stake has created a web offering too. Its aim is to serve more “professional” investors.
Earlier this month, US free share trading giant, Robinhood, was also granted a licence by the FCA, setting a trail for close competition with its Australian rival.
“Our FCA approval marks our first licence outside of Australia, but the continuation of our mission to bring the US market to the rest of the world,” says Stake CEO and founder, Matthew Leibowitz. “At the end of the day, when it comes to trading, Wall Street is mecca — the size and scale of the opportunity there just dwarfs other stock markets.”
Currently in Australia, Stake’s only charge to its clients is 0.7% to convert their funds into dollars. Whilst Stake is yet to confirm its UK model, the new UK website indicates a similar conversion fee.
The company serves 50,000 users in Australia, who have an average age of 32 and hold an average deposit of £7,000.
Stake partners with US digital broker, DriveWealth, to offer access to US stocks and shares, but has no UK or European coverage as of yet.