London-based online trading platform Freetrade told CNBC Tuesday that it's agreed to buy the U.K. customer book of Stake, an Australian investing app.
Freetrade and Stake declined to disclose financial information of the deal, including the value of Stake's U.K. customer book.
The company, which also operates in New Zealand, launched its services in the U.K. in 2020.
Following the deal, customers of Stake U.K. will be contacted with details about how to move their money and other assets over to Freetrade in "the coming weeks," the companies said.
Customers will still be able to use their Stake account until assets and cash are transferred to Freetrade in November.
Persons:
it's, Matt Leibowitz, Dan Silver, Jon Abitz
Organizations:
CNBC, Stake
Locations:
Freetrade, Sydney, Australia, New Zealand