Stake is a shop for shares where users can trade shares for themselves, or purchase shares as gifts.
International investing may seem complicated, but it doesn’t have to be. That’s why Matt Leibowitz, founded Sydney start-up Stake. With local brokers charging high brokerage and foreign exchange transfer fees to access overseas equity and ETP markets, Aussies have settled for investing heavily in the domestic market while missing out on the best the world has to offer. Leibowitz set out to change that. “Limited product suite, hard to access, and expensive. It was obvious to me that Australians were getting a raw deal,” he said.
Matt Leibowitz and his colleagues Jon Abitz and Daniel Silver started Stake to make “investing globally more like shopping locally” – a simple, affordable and enjoyable experience, underpinned by exciting growth potential. The core to the appeal of OFX’s platform is its affordability.
"We set up Stake to give investors great access to better opportunities at the right price to help them generate better returns. On the FX side, this means reducing the cost of transferring money overseas, so more of it can be used to invest."
CEO & Founder Matt Leibowitz
Through the OFX Payments API, Stake’s clients gain access to highly competitive FX rates when transferring funds to the U.S. to buy U.S. listed stocks. The rates are better than those available at standard high street banks, which is nothing to sneeze at. OFX CEO, Skander Malcolm, commented, “Stake is an innovative Australian business that follows similar customer championing principles to us, applied to investing. Our Payments API enables OFX to pass on our savings through efficient one-to-many relationships and with this partnership cater to the FX requirements of many Australian investors diversifying their portfolios globally.”
COO of Stake, Dan Silver, commented, “With a seamless digital interaction, Stake customers can now access very competitive pricing on both brokerage and foreign currency exchange in the Australian market. We’re delighted to have integrated with the OFX Payments API and to be working with the team at OFX to make global shares more accessible for all Australians.”