Start-up trading platform Stake has completed its $90 million Series A capital raise, in a bid to continue to grow.
Firm: Corrs Chambers Westgarth (Stake)
Deal: Corrs Chambers Westgarth has advised online trading platform Stake on its $90 million Series A capital raising.
Value: $90 million
Key players: Corrs advised Stake on all aspects of the capital raising, led by partner Glen Sauer and supported by associate April Wong and other experts within the corporate team.
Deal significance: The Sydney-based start-up raised funds from investors, including Tiger Global and DST Global Partners. The online trading platform offers a suite of products, including US and ASX share trading and an SMSF platform, has a team of 135 employees and $2 billion of assets under management.
Commenting on the matter, partner Glen Sauer said: “We were pleased to advise Stake on their Series A capital raise and support their continued growth. This is an exciting milestone for the team.”
Founder and chief executive officer Matt Leibowitz added: “The $90 million Series A funding gives us breathing space in a crowded online trading market. The funding will be used to hire more engineers and invest in our underlying infrastructure.
“A big thanks to Glen and the team at Corrs. We’ve worked with Glen before and once again, he and the team delivered. The Corrs team was able to grasp the key objectives for Stake, manage all the moving parts and push us and others along to maintain momentum. Ultimately, they made a very large fundraising as seamless as these things get.”