Tiger Global-backed startup launch $2 brokerage to Australia, the country’s cheapest

• BySheetal Sidhu     |    September 13, 2021

Stakeshop Pty Ltd, an online stock dealer backed by tech funding tycoon Tiger International, mentioned on Monday, it will be launching a A$3 ($2) brokerage service in Australia, the nation’s most cost-effective. name, as is commonly done by low-cost brokers seeking to reduce costs.Stake’s commissions of A$3 a trade will compare to CommSec’s tiered fees of A$10 to $29.95 for each trade worth up to A$1,000 to A$25,000, respectively, after a commission-free period until year end,

According to Commonwealth Bank’s annual report, as of June 30, in terms of the traded value of Australian stocks, CommSec holds 5.4% market share. But its share of the narrower online brokerage market is estimated to be close to 40%, with the retail broker opening over 550,000 client accounts in fiscal 2021. New York-based Tiger Global led a A$40 million Series A equity-raising for Stake, which with 75 staff also operates in Britain and Brazil.

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