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Tiger Global-backed start-up brings $ 2 brokerage to Australia

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By Paulina Duran

SYDNEY (Reuters) – Stakeshop Pty Ltd, an online securities broker backed by tech investment giant Tiger Global, announced Monday that it will launch an A $ 3 ($ 2) brokerage service in Australia, the cheapest in the country.

The launch is a direct challenge for CommSec, the No.1 lender to the Commonwealth Bank of Australia, the country’s largest online and mobile brokerage, and other major competitors who have dominated the local market for years.

“I don’t think there has been a significant change in the industry since brokerage went electronic in the late 90s and early 2000s,” said Matt Leibowitz, Founder and CEO of Stakeshop based in Sydney. “So I think 25 years later is a big time.”

Operating as a Stake since 2017, the company is known among a growing number of investors in Australia and New Zealand, primarily as a commission-free retail broker for stocks listed in the United States.

For this service, Stake’s platform operates in US dollars and traders are charged 0.7% on fund transfers between Australian and US dollars.

It has around 360,000 customers and the app’s trade has grown 100-fold to more than $ 1 billion per month since its launch, Leibowitz said.

The brokerage of stocks listed in Australia will be handled by Finclear, a broker 16% owned by Magellan Financial Group.

Trading in shares listed on the local ASX Ltd exchange will be sponsored by CHESS, which means it will be done under the name of the individual, and not under the name of a separate legal entity, as brokers routinely do. at low prices seeking to reduce costs.

After a commission-free period until the end of the year, the Stake Commissions of A $ 3 per trade will be compared to the CommSec Tiered Fees of A $ 10 to $ 29.95 for each trade up to a value of A $ 10. ‘to $ 1,000 A to $ 25,000, respectively.

“I think that will accelerate us to the top,” Leibowitz said. “We hope to knock on number one’s door, that would be the goal.”

CommSec holds a 5.4% market share in terms of the traded value of Australian stocks as of June 30, according to the Commonwealth Bank annual report. But its share of the narrower online brokerage market is estimated at nearly 40%, with the retail broker opening more than 550,000 accounts receivable in fiscal 2021.

In June, New York-based Tiger Global led an A $ 40 million Series A fundraiser for Stake, which, with 75 employees, also operates in Britain and Brazil.

($ 1 = AU $ 1.3512)

(Report by Paulina Duran in Sydney, edited by William Mallard)

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