• Case Study
Trulioo Helps Stake Give
Customers More Access
to Investment Markets
Going Global
Trulioo — Case Study
The
Challenge
Stake wanted to fulfill its mission
to give investors around the
world easy, secure access to
international markets but needed
identity verification that could scale
as the company expanded
its global reach.
Stake, which is based in Australia, was searching
for a global partner that had the local expertise and
cutting-edge technology to conduct due diligence,
including Anti-Money Laundering and Know Your
Customer (KYC) checks, for every customer in any
market. The company wanted that performance
without disrupting the customer experience.
The investment platform also needed a partner that
had the flexibility to meet changing demands in what
is a dynamic and constantly evolving industry.
“We offer an unlimited, commission-free-based
service, so we started testing the waters over here in
Australia,” said Dan Silver, Stake’s chief operations
officer. “But our goal has been to go global and
work with global partners as much as we can —
for example, global brokers and foreign exchange
providers — and that includes our identity verification
partner too.”
Stake needed identity
verification that could scale
as the company expanded
its global reach.
Trulioo — Case Study
The
Solution
• Dan Silver COO of Stake
“
We were also looking for
a partner that has a global
footprint, that is able to scale with
us as we grow. There was only
one option, and that was Trulioo.”
“We needed a seamless onboarding process, one
that not only addresses the regulatory requirement
but that also makes the process between sign-up and
trading rapid and simple,” Silver said. “We were also
looking for a partner that has a global footprint, that is
able to scale with us as we grow. There was only one
option, and that was Trulioo.”
The Trulioo identity platform provides secure access
to more than 450 trusted data sources worldwide and
can verify more than 5 billion people and 700 million
business entities. Trulioo helps Stake quickly verify
customers so they can deposit money through the
app and start trading on the same day.
“When a customer signs up, we typically capture a
large amount of information so we can create a U.S.
brokerage account for them immediately,” Silver
said. “Of course, this is checked against the kind of
information we need to collect, which varies from
country to country.”
When Stake onboards customers, Trulioo provides
secure, fast verification that detects fraud and
ensures compliance. That process helps Stake build
trust in its platform.
Stake chose Trulioo because it’s a
global leader in identity verification
that can help the company expand
across borders with security,
speed and accuracy.
Trulioo — Case Study
The
Results
70%
Stake has set a 70 to 75%
internal requirement for
registration pass rates
Stake has set a 70 to 75% internal requirement for
registration pass rates, and Stake benchmarks that
against Trulioo. The data informs the actions Stake
takes to convert customers.
“Key for us is being digital from the get-go,” Silver said.
“Managing conversion from registration to funding is a
major business KPI as it supports the cost-per-funded-
customer metric, the lifeblood of our operation.”
He said there’s a direct correlation between smooth,
real-time KYC checks and the likelihood a customer
will deposit money into an account.
“When optimal onboarding is achieved with real-time
identity verification, customers are almost 250%
more likely to deposit funds into their Stake account,”
Silver said. “That’s why we see identity verification as
absolutely critical to our business.”
The world’s
identity
platform.
Contact us
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European
Union, Canada and other countries.
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.
About Stake
Stake is an Australian-based investment platform
that challenges traditional banks and brokers on
investing costs and user experience. Co-founded
by Matt Leibowitz and Dan Silver, the company
was built with the aim to give savvy Australian
investors an opportunity to invest directly in some
of the world’s largest companies through a secure
yet sophisticated digital platform without having
to pay the significant international fees charged
by big banks and other brokers. Stake currently
operates in Australia, New Zealand, Brazil and
the U.K., with over 100,000 people active on the
platform.
The platform is particularly popular among
younger investors, with 83% of its active
customers aged 44 and under. This next
generation of investors is highly knowledgeable
about technology and digital services, and they
have high expectations around digital customer
experiences and online security. Stake customers
want a reliable, regulated and reputable partner for
their trading. However, they don’t want the need for
security and fraud to add complexity or delays to
their use of the platform.
Stake has taken steps to improve the user experience
during account creation by providing details about the
onboarding process and the information customers
must submit. The company gives people visibility into
where they are in the process and provides an upload
function to make it easier to submit identity documents.
“Our customers want to know that we are regulated and
fully compliant within their market,” Silver said. “Whilst
they want a smooth onboarding process, people also
want the reassurance and confidence that we are taking
their security seriously. We have to establish the feeling
of legitimacy around our brand as a brokerage before
we can expect people to deposit their money. That’s the
balance that we look to achieve.”
Stake strives to combine world-class customer
experiences and robust identity verification to protect
its customers and ensure compliance in every market.
The investment platform plans to continue partnering
with Trulioo to achieve that goal.