Siebert Financial Corp.

SIEB

$2.45

-0.41%

N/A-$0.01

Financial Services

Financial - Capital Markets

NASDAQ

Active Trading

Siebert Financial Corp., operating through its various subsidiaries, functions as a financial services firm that specializes in providing retail discount brokerage and ...

Supply Chain of SIEB

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

National Financial Services LLC (NFS) — Fidelity Investments

BMO Bank N.A. / BMO Harris Bank (Bank of Montreal)

Next Securities

FusionIQ

Ladenburg Thalmann & Co. Inc.

SIPC (Securities Investor Protection Corporation)

Fidelity Global Brokerage Group, Inc.

National Financial Services LLC (NFS) — Fidelity Investments

Primary clearing broker and custodian. Provides fully-disclosed clearing, trade execution, settlement, and custody services for Muriel Siebert & Co., LLC. Contract since 1992, renewed in 2025.

BMO Bank N.A. / BMO Harris Bank (Bank of Montreal)

NYSE:BMO

Lender providing a $20M revolving credit facility (Nov 2024) to Muriel Siebert & Co., LLC. Also holds Siebert's clearing bank accounts for wire transfers.

Next Securities

Strategic technology partner (Oct 2025 agreement). Provides AI technology, digital platforms, and next-generation trading infrastructure. Collaborating on AI-powered investor solutions.

FusionIQ

Cloud-native digital wealth management platform partner (Jun 2025 strategic investment and partnership). Provides modular digital wealth solutions including hybrid advice, self-directed investing, and multi-custodian integration.

Ladenburg Thalmann & Co. Inc.

Placement agent / sales agent for $50M at-the-market equity offering program (Jun 2025 sales agreement). Supports capital raising for digital assets, AI, and strategic acquisitions.

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Retail Investors (Individual & Self-Directed)

Kakao Pay Securities Corp.

Institutional Investors

BetterInvesting (National Association of Investors Corporation)

Middle-Market Companies

Corporate Share Plan Clients

Insurance & Annuity Clients

Academy Veteran Bond ETF (VETZ)

Retail Investors (Individual & Self-Directed)

Primary customer base for discount brokerage services — commission-based trades, advisory fees, stock borrow/loan program. Represents >90% of revenue base. · 75.0%

Kakao Pay Securities Corp.

KRX:377300

Strategic cross-border partnership (2023-ongoing). Siebert delivers U.S. market insights, data, and cross-border brokerage access to Kakao Pay's 8M Korean investors. Kakao Pay owns ~12.5% of Siebert (8,075,607 shares).

Institutional Investors

Capital Markets division provides institutional equity execution services on an agency basis, plus equity and fixed income trading for institutions. Also prime brokerage through RISE Financial Services. · 10.0%

BetterInvesting (National Association of Investors Corporation)

Partnership providing discounted brokerage accounts, tools, and educational resources to BetterInvesting's investment club members across the U.S.

Middle-Market Companies

Investment banking clients for M&A advisory, capital raising, and financial restructuring (division launched Feb 2025). Serves as underwriter/placement agent.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Robinhood Markets, Inc.

Charles Schwab Corp.

LPL Financial Holdings Inc.

Kakao Pay Corp.

Robinhood Markets, Inc.

NASDAQ:HOOD

Publicly traded retail discount brokerage with similar customer base (self-directed retail investors). HOOD is significantly larger but serves as a growth proxy for the retail brokerage subsector. Relevant for comparing retail trading volumes, commission trends, and crypto/digital asset strategy.

Charles Schwab Corp.

NYSE:SCHW

Largest publicly traded discount brokerage and wealth management firm. Serves as a bellwether for the broader brokerage industry, including trends in net interest income, trading volumes, and asset management fees. Schwab also has its own clearing/custody infrastructure.

LPL Financial Holdings Inc.

NASDAQ:LPLA

Independent broker-dealer and RIA custodian. Provides a proxy for the independent advisory and brokerage space, which competes with and partners with firms like Siebert. LPL's earnings provide insight into independent broker-dealer economics.

Kakao Pay Corp.

KRX:377300

Strategic partner and significant shareholder of Siebert. Kakao Pay's financial health, Korean regulatory environment, and strategic direction directly impact Siebert's international expansion and investor base.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

South Korea

Canada

Retail Investors (U.S. based)

Kakao Pay Securities Corp.

Bank of Montreal (BMO)

United States

Primary operating market — all subsidiaries and >95% of revenue derived from U.S. operations. Regulatory oversight by FINRA, SEC, NYSE, and state regulators.

Retail Investors (U.S. based)Core retail brokerage customers across all 50 states

South Korea

Strategic partnership with Kakao Pay Securities for cross-border brokerage and market data distribution. 8M Korean investors can access U.S. market insights through Siebert. Kakao Pay Corp. is a significant shareholder (8M+ shares).

Kakao Pay Securities Corp.KRX:377300Strategic cross-border partnership & significant shareholder

Canada

Credit facility relationship via BMO Bank N.A. (subsidiary of Bank of Montreal). $20M revolving credit facility provides liquidity for working capital.

Bank of Montreal (BMO)NYSE:BMOCredit facility provider ($20M revolver) and banking services

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Foundry

Low

Not applicable — Siebert is a financial services firm, not a manufacturing/technology hardware company with foundry dependencies.

Customer

High

High concentration in retail brokerage customers. Retail trading volumes and commission revenue are sensitive to market cycles, retail investor sentiment, and macroeconomic conditions. Q1 2026 revenue declined to $23.5M from $28.9M YoY, reflecting cyclicality.

Clearing

Medium

Single clearing broker dependency on National Financial Services LLC (Fidelity). Any disruption or termination of this 30+ year relationship would materially impact Siebert's ability to clear trades and custody assets. However, relationship has been stable since 1992 and was renewed in 2025.

Other

Medium

Stock borrow/stock loan revenue concentration — represents ~31% of FY2025 revenue ($29M of $94.2M). This revenue stream is dependent on securities lending demand and interest rate environment, which may be volatile.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Financial Services — Retail Brokerage & Advisory

93.0%

$0.1B

Core business drives demand for clearing/custody services (National Financial Services), banking/credit (BMO), and trading technology platforms. Retail commission and advisory fee generation relies on downstream retail investor acquisition.

Financial Services — Stock Borrow / Stock Loan

30.8%

$0.0B

Significant and fast-growing revenue line (51% YoY growth in FY2025). Relies on securities lending infrastructure via the clearing broker (NFS/Fidelity) and customer participation in the Fully Paid Lending Program.

Financial Services — Market Making

3.5%

$0.0B

Siebert Trading Group makes markets in 400+ securities. Requires connectivity to exchanges, market data feeds, and clearing through NFS.

Media, Sports & Entertainment

1.3%

$0.0B

Operated through Gebbia Media and Big Machine Rock acquisition. Minor revenue but expands brand reach and marketing capabilities.

Investment Banking

Launched Feb 2025. Middle-market M&A and capital markets advisory. Uses Ladenburg Thalmann as placement agent for at-the-market offerings.

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