Stake, the Sydney fintech Stake with $0 brokerage on US share trading, has a gift card that lets the recipient buy shares like Tesla, Google, Amazon, Apple, Alibaba and Berkshire Hathaway, and we think it would make a pretty great Father’s Day present.
The startup is the first in Australia to offer such a gift card, and is only second in the world behind Stockpile.
Customers purchasing the gift cards pick the stock of choice, write a personal message, pay and send away.
“It’s a simple way to show someone they’re worth investing in,” founder and CEO Matt Leibowitz says.
“It’s not only a gift card for shares in a company, it’s a great way for existing investors to get someone else started in their journey and get them along for the ride.”
It’s also got a touch of sentimentality for the Leibowitz, saying its a nod to their parents.
“We’re excited about this Father’s Day campaign given how much our parents invested in us,” Leibowitz says.
“I couldn’t think of a better way of thanking them.”
He bought one of the first gift cards from the platform so that he could give it to his dad next month.
“It was Tesla…so he’s done pretty well.”
Approximately 1,350 people have signed up for the service since it launched four months ago.
“This doesn’t include all of the 1,700 investors who were on the waitlist for our $0 brokerage,” he says.
The average account size of customers with a portfolio with Stake is around $16,000 and the average transfer size from AUD to USD at around $5,000.
“These should grow with the new account types being available,” says Leibowitz.
Next on the radar for the baby-faced company is hitting its funding goals.
“Funding is not as fast as we’d like, so we’re working on a solution that speeds this up by two days.
“After we’ve nailed that, we’ll go to instant funding.”
Then it plans to make an app.
“We’ve also locked in some big deals with a couple of multi-nationals that you’ll hear about soon,” he says. “Watch this space.”
In its short life span the startup has already had a “large number of people” from other countries asking to set up international branches.
“I guess it shows that the access problem is not only confined to Australia. It’s only four months since we went truly live, so it’s a real compliment that our brand is resonating with people outside of Australia.”