Overstock steps up banking platform ambitions
US retailer Overstock has teamed with Siebert Financial Corp. to launch an online discount equities trading platform available through its FinanceHub portal. The latter operates as a marketplace for financial services that also includes the retailer’s credit cards and insurance products, loans by LendingTree, Prosper and Sofi, and a robo-advisor.
Gloria E. Gebbia, controlling shareholder and board member of Siebert Financial Corp. says: “This agreement is an excellent growth opportunity for Siebert to connect with Overstock's customers, many of whom are women grappling with financial challenges including retirement planning. Through this initiative, we will continue to honour the trailblazing legacy of our founder Muriel Siebert, who obtained a seat on the NYSE to address the pay inequality she experienced working on Wall Street. So, we are especially pleased to optimise the Overstock consumer experience by offering discounted trading, along with other quality retail brokerage services, designed to meet the financial and investing needs of all our clients.”
“Muriel Siebert was a woman who stood for integrity in capital markets, and I am pleased for Overstock.com to be associated with the firm she founded. We have integrated so as to be able to bring to the public this discount trading platform, priced with an eye towards re-democratising capital markets in the US,” adds Overstock’s CEO, Patrick M. Byrne.
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