Australian Neobroker Stake Enhances FX Solution With Airwallex

Stake has partnered with Australian fintech unicorn Airwallex for its cross-border payments and FX solution.

The deal is another step forward in redefining what’s possible in brokerage around the world, said the firm led by Matt Leibowitz, CEO and Co-Founder of Stake.

“It was a no-brainer partnering with Jack and the Airwallex team who share our passion for innovation and technology. It’s been clear already that Airwallex shares our vision for leveraging technology to bring better outcomes to customers and we’re excited to roll out a suite of solutions together.”

“This partnership will be important as we bring more products to our customers and ensure they’re delivered the way they should be, with a great customer experience at their heart”, CEO Matt Leibowitz concluded.

Stake’s growth and innovation aspirations require the need to support more currencies and more diversified payment systems, which led the broker to partner with Airwallex.

Airwallex allows Stake to receive, convert and pay out funds in multiple currencies, enabling it to operate and serve customers in new markets. Stake is currently serving a 360,000-plus customer base and aims to expand further across the globe.

In the past 12 months, Stake has expanded internationally into New Zealand, Brazil, and the UK. The broker has also announced its move into the ASX and launched a beta version of its self-managed super fund (SMSF) establishment product. The Airwallex integration will support all of these developments.

Jack Zhang, CEO and Co-Founder of Airwallex, commented: “Stake has truly disrupted the brokerage market and has proven itself to be one of the most innovative Australian fintechs. We are thrilled to partner with Stake and support its global ambitions through our financial cloud platform.”

“The partnership with Stake is a natural fit. Stake’s product breaks barriers to opportunities and markets without compromising on customer experience and charging exorbitant fees. This is aligned with Airwallex’s purpose – by providing easy access to a global financial infrastructure, we empower businesses to operate anytime, anywhere. We’re looking forward to continuing the partnership to deliver more innovation to customers.”

The Australian neobroker specialized in US shares has recently raised AU$40 million from Tiger Global and partners of DST Global to propel the expansion of its product as well as its global presence.

The investment will be put toward accelerating growth globally, with a real focus on New Zealand. “There’s huge demand in NZ and the local community is one of the most sophisticated. The ambition is to further build the team locally, and deepen our roots with customers, communities and partners,” said Leibowitz.