Stake is a stock trading company who have been helping investors trade on the ASX and Wall St for four years. They make funds transfers, moving clients’ money between investors and FX providers and back, converting funds between multiple currencies and time zones.

A few years ago, they had a realisation about their customers’ pain point. Transferring money was expensive. Not only that, customers had to leave the Stake app to complete payments, logging into other platforms to view fund and bank details, transferring money, and then waiting for funds to clear. This prohibitive expense of credit card fees, plus the interruptions on their payment journey, was costing Stake time and money, turning what should be a fast-paced, responsive experience, into a frustrating one.

To improve their customers' experience Stake wanted to keep transfers in-app, and give them a seamless experience – one where funds arrive quickly and easily, without detours or disruptions. They tried credit and debit cards, but with transfer amounts typically between $2,500 – $100,000, the fees were astronomical.

With the industry and customer demand for bank-to-bank transfers growing, they knew they had to try something new. After some research, they discovered that POLi was the only product on the market that could do this.

“Working internationally, it’s common to have in-app bank-to-bank transfers, particularly in money services and brokerage. A lot of customers expect it, and they expect seamlessness”

- Shawn Singh, Stake, Head of Global Operations

Another benefit of POLi was the local support team. For Stake, the ability to quickly and reliably communicate with a skilled and responsive team was crucial, especially when things didn’t go according to plan. A bank outage over a weekend can bring everything to a standstill, but with a responsive local support team Stake was able to notify their customers in no time.

Since partnering with POLi, Stake has seen a tremendous uptake of bank-to-bank transfers.

POLi now accounts for 60% of their transactions, largely because of the seamless in-app experience it provides. The traction they’ve seen in recent years simply wouldn’t have happened without POLi.

Compared to alternative options like virtual accounts where funds can take 6 hours or a day to clear, POLi makes this happen in seconds. Which is why over 99% of their customers who use POLi will use it again.

“Without POLi, we would not be where we are today. The onboarding process was flawless, and I was able to get up and running much quicker than I thought.”

- Shawn Singh, Stake, Head of Global Operations