Dough
Dough was a Chicago-based mobile stock brokerage offering commission-free equity, options, futures, and margin trading to self-directed US retail investors. Operating as a FINRA/SIPC/NFA member with Apex Clearing, the platform ceased operations in October 2021 following its acquisition by tastyworks.
- Company typePrivate
- Founded2017
- HeadquartersRedding, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Dough does
Dough was a Chicago-based, mobile-first retail stock brokerage platform that served self-directed individual investors in the United States. Founded circa 2017 and headquartered at 327 N Aberdeen St., Chicago, the company operated as a registered broker-dealer and member of FINRA, SIPC, and NFA, offering commission-free equity trading, options, futures (including Small Exchange contracts), and margin accounts with tiered interest rates (5.00%–8.00% based on debt size, base rate 7%). Dough's core technology stack centered on a proprietary iOS/Android mobile application delivering real-time streaming quotes and charts sourced from IEX and Cboe One Real-Time Quotes, supported by free educational content and social/community features such as doughtv and the podcast "Social Currency."
The business model was a product-led growth motion emphasizing zero-commission trading, monetized indirectly through regulatory fee pass-throughs (SEC fees, Equity TAF, Options TAF, Options Regulatory Fee, clearing fees), margin interest, and ancillary service fees (e.g., $75 outgoing ACATS, $30 wires, paper confirm/statement fees). Apex Clearing Corporation served as clearing firm and custodian, while customer acquisition relied on referral programs (free stock valued $2–$200), social media engagement (Instagram, Facebook, YouTube under @tradewithdough), and promotional campaigns such as the $75 ACATS transfer reimbursement and $50 deposit credits. The company raised approximately $49M across three rounds from Lightbank ($4M, 2012), TCV ($25M, 2014), and tastylive ($20M, 2019).
Dough ceased operating its standalone platform on October 29, 2021, with remaining accounts transferred to Apex Clearing Corporation effective November 1, 2021. The brand was subsequently acquired by tastyworks, which relaunched the trading experience as the "dough by tastyworks" mobile application for migrated users, positioning the brand as a sub-product within tastyworks' broader retail brokerage portfolio.
Dough firmographics
Firmographics- Name
- Dough
- Legal name
- Dough LLC
- Website
- https://dough.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Closed
- Headcount range
- 11–50 employees
- Short description
- Dough was a Chicago-based mobile stock brokerage offering commission-free equity, options, futures, and margin trading to self-directed US retail investors. Operating as a FINRA/SIPC/NFA member with Apex Clearing, the platform ceased operations in October 2021 following its acquisition by tastyworks.
- Ownership category
- akta.pro rank
Dough industry classification
Industry- Product category
- Online Brokerage
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Execution-Only / Self-Directed Investing Platforms (FSAAAAAI)
- akta.pro secondary industry
- Listed Derivatives Execution Platforms (Futures/Options) (FSAFANAD)
Keywords
Where Dough is headquartered
LocationHeadquarters
- HQ city
- Redding
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Dough business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Marketing or Sales, Personnel
Revenue model
- Transaction and Regulatory Fees: Collects regulatory fees from customers including SEC fees ($5.10 per $1M of principal), Equity TAF ($0.000119 per share), Options TAF ($0.002 per contract), Options Regulatory Fee ($0.033 per contract), and clearing fees
- Margin Interest: Earned interest on margin debt balances ranging from 5.00% to 8.00% depending on debt level, with base rate of 7%
- Account Services Fees: Various account service fees including $5 paper confirm, $10 paper statement, $5 exercise/assignment of options, $25 reorganization wire, $50 voluntary corporate actions, $5 check delivery
- Transfer and Withdrawal Fees: Outgoing ACATS transfer fee of $75, returned ACH/check/wire fee of $30, domestic wire transfers at $30, overnight check delivery at $50
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Commission-Free Stock Trading |
| Unit Pricing | Pay-as-you-go | Small Exchange Futures |
| Subscription | Monthly | Margin Interest Rates |
| Transaction based/ take rate | Pay-as-you-go | Account Service Fees |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Dough product offering
Product offeringCore offering
Dough operated a mobile application-based brokerage platform offering commission-free equity, options, margin, and futures trading to self-directed retail investors in the United States. The platform provided real-time streaming quotes, streaming charts, fundamental data, and free educational content, with Apex Clearing Corporation acting as the clearing firm and custodian of customer assets.
Product overview
Dough was a mobile application-based stock brokerage platform offering commission-free stock trading and options trading for self-directed investors. The platform provided real-time streaming quotes, streaming charts, fundamental data, and free educational content. The core offering consisted of the Dough app, commission-free stock trading, options trading, margin trading (with tiered interest rates), and futures trading through the Small Exchange. Additional features included a referral program offering free stock, an ACATS transfer promotion with $75 fee reimbursement, and educational content. The company operated as a registered broker-dealer and member of FINRA, SIPC, and NFA. Dough ceased operations on October 29, 2021, with accounts transferred to Apex Clearing Corporation or to tastyworks (via the dough by tastyworks app).
Differentiator
Problem solved
Functional benefit
Products and services
- dough Mobile Trading App Mobile application for iOS and Android offering commission-free stock, options, and futures trading with real-time streaming quotes, streaming charts, fundamental data, and free educational resources for self-directed retail investors.
- dough by tastyworks App Rebranded version of the dough mobile trading platform made available within the tastyworks ecosystem for users who migrated their accounts, available on both Apple App Store and Google Play Store.
- Commission-Free Stock Trading
Companies that use Dough
Customer profileSegments2 records
Ideal customer profiles1 record
Dough technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature3 records
Dough partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- tastyworkscoretastyworks acquired Dough and rebranded the platform as dough by tastyworks. Existing Dough customers who transferred to tastyworks could access the Dough trading platform through the new dough by tastyworks app.
Scale indicators1 record
Recent moves7 records
Expansion highlights5 records
Dough competitors and assessment
Company assessmentDirect peers
- Robinhood: Mobile-first commission-free brokerage targeting self-directed retail investors. Closest direct competitor in product offering, customer segment, and GTM motion.
- Webull: Mobile-first commission-free brokerage offering stocks, options, and margin trading to self-directed retail investors. Directly comparable product suite and target customer.
- tastyworks: Options- and futures-focused retail brokerage that acquired Dough and launched the rebranded dough by tastyworks app. Operates the same underlying retail brokerage model.
- Public.com: Commission-free mobile brokerage with social and educational features aimed at self-directed investors. Comparable PLG motion and target demographic.
- M1 Finance: Mobile-first self-directed investing platform with fractional shares and automated portfolio management. Comparable customer segment and digital-first distribution.
- Firstrade: Commission-free online broker with stocks, options, and margin services for self-directed retail investors. Directly comparable in product and pricing model.
Broad incumbents
- SoFi Invest: Active investing and robo-advisory brokerage within SoFi's broader fintech platform. Competes with Dough in self-directed retail brokerage but as part of a larger consumer finance suite.
- E*TRADE (Morgan Stanley): Established retail brokerage offering stocks, options, futures, and margin. Competes on product breadth but with a heavier desktop/legacy orientation than Dough's mobile-first approach.
- Charles Schwab: Large incumbent broker-dealer offering commission-free trading, options, futures, and margin. Broader product portfolio and institutional scale dwarf Dough's mobile brokerage.
Others
- Apex Clearing Corporation: Clearing and custody partner used by Dough as an introducing broker. Adjacent infrastructure provider rather than a competitor, but materially connected via the platform's operating model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Dough social profiles
Digital presenceDough compliance and trust
Trust signalCompliance3 records
Dough financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dough leadership team
Management profileNumber of profiles
Profiles1 record
Dough funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dough M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dough
What does Dough do?
Dough operated a mobile application-based brokerage platform offering commission-free equity, options, margin, and futures trading to self-directed retail investors in the United States. The platform provided real-time streaming quotes, streaming charts, fundamental data, and free educational content, with Apex Clearing Corporation acting as the clearing firm and custodian of customer assets.
Is Dough a public or private company?
Dough is a private company. It is classified as corporate owned and is currently closed.
When was Dough founded?
Dough was founded in 2017. It employs 11 to 50 people.
Where is Dough based?
Dough is headquartered in Redding, United States, in the North America region.
How does Dough make money?
Four revenue lines are on record. Transaction and Regulatory Fees are the primary driver. The others are margin Interest, account Services Fees and transfer and Withdrawal Fees.
Who are Dough's main competitors?
Direct peers on record are Robinhood, Webull, tastyworks, Public.com, M1 Finance and Firstrade. Broad incumbents are SoFi Invest, E*TRADE (Morgan Stanley) and Charles Schwab. Apex Clearing Corporation is listed as an others.
Does Dough have an API?
No public API is recorded for Dough.
What industry is Dough in?
Dough's product category is Online Brokerage. Its primary akta.pro industry code is FSAAAAAI, Execution-Only / Self-Directed Investing Platforms, with a secondary code of FSAFANAD, Listed Derivatives Execution Platforms (Futures/Options). Its NAICS code is 5231 and its SIC code is 6200.