SecondSTAX
SecondSTAX is a B2B cloud platform that enables institutional investors to trade equities and bonds across African securities exchanges (Ghana, Kenya, Nigeria) via a single order-routing portal, supported by licensed broker partnerships, FX liquidity aggregation, and APIs for fintech app integrators.
- Company typePrivate
- Founded2020
- HeadquartersAccra, Ghana
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What SecondSTAX does
SecondSTAX is a B2B capital markets infrastructure platform that enables institutional investors to trade equities and bonds across multiple African securities exchanges from a single cloud-based portal. Founded in 2020 in Accra, Ghana by Eugene Tawiah (former Goldman Sachs) and Duke Lartey, the platform emerged from the gap observed during MTN Ghana's 2018 IPO, where investors outside Accra could not access the offering. The core product is a smart order management and execution routing system that connects licensed broker-dealers in each market (Kestrel Capital in Kenya, Databank Group in Ghana, Afrinvest in Nigeria) to live exchanges including the Ghana Stock Exchange, Nairobi Securities Exchange, and Nigerian Exchange Limited. Complementary modules cover middle- and back-office workflows, KYC onboarding, news and research aggregation, and a Liquidity Providers Portal integrating FX sources including PAPSS, Aza Finance, VertoFX, and Yellowcard. APIs allow downstream fintech apps such as Bamboo and Chaka to white-label African market access for retail investors.
The company is monetized through a mix of subscription fees for institutional portal access, transaction-based trading fees (capped at regulator-set maximums by bodies such as Kenya's CMA), and usage-based fees for API integrations. Distribution is primarily enterprise field sales supported by channel partnerships with exchanges and brokers, with a 15-person team operating from offices in Accra, Nairobi, Abuja, and a Delaware-incorporated US entity. The company is private, venture-backed ($1.6M pre-seed in September 2022 from LoftyInc Capital, Orbit54, and STEMeIn), and at an early commercial stage with a disclosed pipeline of 10+ institutional clients including unnamed large fund managers and pension funds. Strategic positioning is anchored on the African Exchanges Linkage Project, for which SecondSTAX holds an MoU with ASEA representing 32 exchanges across 37 countries.
SecondSTAX firmographics
Firmographics- Name
- SecondSTAX
- Legal name
- SecondSTAX, Inc.
- Website
- https://secondstax.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- SecondSTAX is a B2B cloud platform that enables institutional investors to trade equities and bonds across African securities exchanges (Ghana, Kenya, Nigeria) via a single order-routing portal, supported by licensed broker partnerships, FX liquidity aggregation, and APIs for fintech app integrators.
- Ownership category
- akta.pro rank
SecondSTAX industry classification
Industry- Product category
- Capital Markets Infrastructure
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)
Keywords
Where SecondSTAX is headquartered
LocationHeadquarters
- HQ city
- Accra
- HQ country
- Ghana
- HQ region
- Africa
Offices4 records
Markets served
SecondSTAX business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Platform/SaaS Fees: B2B capital markets infrastructure platform charging investment firms for access to cross-border trading capabilities across African exchanges. Revenue derived from subscription or transaction-based fees for using the portal.
- Transaction/Trading Fees: Facilitates cross-border securities trading (equities and bonds) with trades routed through licensed broker partners. Transaction fees are embedded within already set maximum rates regulated by each market's CMA.
- API/Integration Fees: Revenue from providing APIs to fintech apps (B2C investment platforms like Bamboo, Chaka) and other integrators to access African exchange markets through SecondSTAX infrastructure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | B2B institutional platform access |
| Transaction based/ take rate | Pay-as-you-go | Transaction-based trading fees |
| Usage-based | Pay-as-you-go | API access for fintech integrators |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
SecondSTAX product offering
Product offeringCore offering
SecondSTAX operates a cloud-based B2B capital markets infrastructure platform that enables investment firms (licensed broker-dealers, asset managers, and institutional investors) to buy and sell securities across multiple African exchanges (GSE, NSE, NGX) from a single portal. Orders are routed through licensed broker partners, while integrated modules handle operations workflows, KYC, FX liquidity, and aggregated news/research/data for cross-border intra-continental African capital markets trading.
Product overview
SecondSTAX is a B2B capital markets infrastructure platform offering a unified product portfolio centered on the SecondSTAX Portal. The core platform provides smart order management and execution routing for investment firms, complemented by integrated modules including Order & Execution Management, Operations Workflow, News/Research & Data, Research Portal, OEMS, KYC Portal, and Liquidity Providers Portal. Together, these modules enable investment firms to access and trade across multiple African exchanges (Ghana, Kenya, Nigeria) from a single cloud-based portal while managing compliance, currency exchange, and operational workflows.
Differentiator
Problem solved
Functional benefit
Products and services
- SecondSTAX Portal Cloud-based B2B capital markets infrastructure platform that allows investment firms (licensed broker-dealers, asset managers, institutional investors) to buy and sell stocks and bonds across multiple African exchanges (GSE, NSE, NGX) from a single portal, with orders routed through licensed broker partners to existing exchange infrastructure.
- SecondSTAX APIs Developer APIs allowing fintech apps (e.g., Bamboo, Chaka) and system integrators to embed cross-border African capital markets trading functionality, enabling B2C retail investment platforms to access exchanges in Ghana, Kenya, and Nigeria.
Quantifiable outcome
- Combined market capitalization of linked Kenya-Ghana exchanges: Ksh.2.6 trillion (GHS 302 billion)
- +2 more outcomes
Companies that use SecondSTAX
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
SecondSTAX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature7 records
SecondSTAX partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered flagship, core and supporting.
- Nigerian Exchange Limited (NGX)flagshipPartnership enabling institutional investors from across Africa to directly invest into Nigeria's capital markets. Established in collaboration with Afrinvest (West Africa) Limited. Initially restricted to Qualified Institutional Investors with minimum trade orders of USD 10,000.
- Afrinvest (West Africa) LimitedcoreLeading capital market holding company in Nigeria active in investment banking, securities trading, asset management, trustee, consulting and financial technology. Strategic partner facilitating NGX partnership.
- Pan-African Payment and Settlement System (PAPSS)coreFX liquidity provider integrated into SecondSTAX's FX marketplace. Enables investors to book trades in multiple currencies. PAPSS processed real transactions in 2025 as part of unified payment-settlement stack.
- Aza FinancesupportingFX marketplace partner integrated with SecondSTAX for currency exchange services facilitating cross-border trading.
- VertoFXsupportingFX marketplace partner integrated with SecondSTAX for currency exchange services facilitating cross-border trading.
- YellowcardsupportingFX marketplace partner integrated with SecondSTAX for currency exchange services facilitating cross-border trading.
- African Securities Exchanges Association (ASEA)flagshipMoU signed to support the African Exchanges Linkage Project (AELP). SecondSTAX provides technical and operational support including access to Research Portal, OEMS, KYC portal, and Liquidity Providers Portal. ASEA represents 32 exchanges in 37 African countries.
- Nairobi Securities Exchange (NSE)flagshipStrategic partnership to enable institutional investors across Africa to easily and directly invest in the Nairobi Securities Exchange. NSE CEO Geoffrey Odundo welcomed the linkage expecting increased market liquidity and trading opportunities.
- Ghana Stock Exchange (GSE)flagshipStrategic partnership to enable institutional investors across Africa to easily and directly invest in the Ghana Stock Exchange. GSE Managing Director Ekow Afedzie called it a timely innovative tool for cross-border trading.
- Kestrel Capital (East Africa) LimitedcoreLicensed broker-dealer in Kenya supporting trade orders from the Kenyan side. Foundational client and partner for Kenya-Ghana cross-border trading linkage.
- Databank Group (Ghana)coreLicensed broker-dealer in Ghana facilitating cross-border trading. Foundational client and partner. Armah Akotey, Head of Databank's Brokerage and Corporate Advisory business quoted as customer.
Scale indicators9 records
Recent moves9 records
Expansion highlights6 records
SecondSTAX competitors and assessment
Company assessmentDirect peers
- Bamboo: Bamboo is a Nigerian B2C investment platform enabling Nigerians to buy US and select African stocks. It is both a comparable cross-border African investing platform and an active API integrator of SecondSTAX, making it the closest analog for end-customer cross-border investing behavior.
- Chaka: Chaka is a Nigerian B2C investment app providing Nigerians access to local and international securities. It is also a SecondSTAX API partner, and addresses the same cross-border African investing pain point from a retail-first angle.
- Risevest: Risevest is a Nigerian B2C dollar-denominated investment platform offering access to US and African assets. It targets the same Nigerian institutional and retail demand for diversified cross-border exposure that SecondSTAX serves from the B2B layer.
- Trove: Trove is a Nigerian B2C investment platform enabling users to trade local and foreign stocks. Comparable to SecondSTAX as it solves fragmented African capital market access for end investors through technology rails.
- CowryWise: CowryWise is a Nigerian B2C wealth management platform offering savings and investments in Naira and USD. It competes for the same cross-border African investing wallet SecondSTAX enables at the institutional layer.
Broad incumbents
- Devexperts: Devexperts is a global B2B provider of trading platforms and OEMS used by broker-dealers and exchanges. It is the closest large-scale analogue to SecondSTAX in delivering order management and execution routing infrastructure, though it serves established markets.
- Trading Technologies: Trading Technologies provides professional-grade trading software and connectivity to global exchanges for institutional traders. It is comparable to SecondSTAX as a multi-exchange execution technology provider, though focused on derivatives and mature venues.
- ION Group (Fidessa): ION Group owns Fidessa, a leading capital markets infrastructure platform serving buy-side and sell-side institutions globally. Comparable to SecondSTAX as a full-stack trading, connectivity, and workflow platform for institutional securities trading.
- FIS (Fidelity National Information Services): FIS provides capital markets software including trading, processing, and data infrastructure for financial institutions worldwide. It is a broad incumbent analogous to SecondSTAX but spanning the full trade lifecycle across mature markets.
- London Stock Exchange Group (LSEG / Refinitiv): LSEG, via Refinitiv, provides trading infrastructure, market data, and post-trade services across global capital markets. Comparable to SecondSTAX as institutional capital markets infrastructure, though at vastly greater scale and scope.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
SecondSTAX social profiles
Digital presenceSecondSTAX financial estimates
Financial estimateRevenue estimate
Valuation estimate
SecondSTAX leadership team
Management profileNumber of profiles
Profiles7 records
SecondSTAX funding detail
Funding detailFunding overview
Funding rounds2 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SecondSTAX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SecondSTAX
What does SecondSTAX do?
SecondSTAX operates a cloud-based B2B capital markets infrastructure platform that enables investment firms (licensed broker-dealers, asset managers, and institutional investors) to buy and sell securities across multiple African exchanges (GSE, NSE, NGX) from a single portal. Orders are routed through licensed broker partners, while integrated modules handle operations workflows, KYC, FX liquidity, and aggregated news/research/data for cross-border intra-continental African capital markets trading.
Is SecondSTAX a public or private company?
SecondSTAX is a private company. It is classified as venture growth investor backed and is currently operating.
When was SecondSTAX founded?
SecondSTAX was founded in 2020. It employs 11 to 50 people.
Where is SecondSTAX based?
SecondSTAX is headquartered in Accra, Ghana, in the Africa region.
How does SecondSTAX make money?
Three revenue lines are on record. Platform/SaaS Fees are the primary driver. The others are transaction/Trading Fees and API/Integration Fees.
Who are SecondSTAX's main competitors?
Direct peers on record are Bamboo, Chaka, Risevest, Trove and CowryWise. Broad incumbents are Devexperts, Trading Technologies, ION Group (Fidessa), FIS (Fidelity National Information Services) and London Stock Exchange Group (LSEG / Refinitiv).
Does SecondSTAX have an API?
Yes. SecondSTAX provides APIs to help developers and system integrators build fintech apps to trade across multiple African capital markets. Developer documentation is at docs.secondstax.com.
What industry is SecondSTAX in?
SecondSTAX's product category is Capital Markets Infrastructure. Its primary akta.pro industry code is FSAFANAA, Equities Trade Execution Platforms (ATS/MTF/ECN). Its NAICS code is 5231 and its SIC code is 6200.