Stake cofounder Matt Leibowitz resigns as CEO

The cofounder of Stake, Matt Leibowitz, has resigned as CEO, having led the digital broker since its launch in 2017.

He will move to executive director and continue to work on the platform’s product and business strategy.

Leibowitz will be replaced by the company’s new chief commercial officer, Jon Howie, who joined the business in mid 2022 after two decades in financial services at the likes of Blackrock APAC, Macquarie Bank and VGI Partners.

Cofounder Dan Silver remains chief operating officer.

The past year saw Stake, which now has customers in Australia, New Zealand and the UK, add $1 billion to its assets under administration to hit $2.9bn. The trading platform also saw a 10% year-on-year increase in active customers, and a 20% increase in trading volume of ASX shares on Stake.

The share buying app raised an extra $50 million in a Series A extension in April 2022, 12 months after raising $40 million in its initial round. Its backers include US VC Tiger Global and DST Global Partners.

Leibowitz he believed “it’s time to bring in new leadership that can take us to the next level” following the growth the company has posted in recent years.

“Jon shares our passion for encouraging better financial customer outcomes, plus an outstanding track record in scaling large financial services businesses,” he said.

“He’s had an incredible impact as chief commercial officer over the past six months, and I’m excited to work with him in his new role as CEO.”

Jon Howie said that during the past six months he’s been with the business, he’s “been inspired by Matt’s incredible passion for Stake’s customers, products and team members, and the level of professionalism and expertise across the organisation.”

In 2021 Stake launched an ASX platform with $3 CHESS-sponsored trades. It charges US$3 a trade for US stocks.