Based out of London, Freetrade is a challenger stockbroker that brought mobile-first, commission-free investing to the UK and Europe. Recently, the UK company has raised £7 million (approx €7.8 million) from more than 8,000 people amid COVID-19 lockdown.
Freetrade Founder and CEO Adam Dodds:
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“We’d always planned on crowdfunding in 2020 and the meteoric growth we’ve seen this year made us think that was still the right thing to do.“Still, it’s been incredible to see so many people invest in Freetrade despite the precarious situation the world is in. I think that says a lot about the belief people have in us to provide the best, most affordable, and accessible investment service on the market.”
Exceeded £1 million in 4:33 minutes!
Working with Crowdcube, the company exceeded its £1 million (approx €1.1 million) target in just 4:33 minutes from existing shareholders before going on to raise £7 million (approx €7.8 million) in five days. It’s worth mentioning that, Freetrade’s fundraise is the largest equity crowdfunding campaign to be completed in the UK this year.
Luke Lang, Co-founder of Crowdcube added:
“Freetrade has proven the power of its community to fuel its growth once again. To defy the Covid-19 lockdown and raise £7 million from 8,559 people are astonishing and a testament to their vision, team, and product. Their record-breaking raise, at a time of deep uncertainty, will undoubtedly provide inspiration to fellow entrepreneurs during these challenging times.”
Growth increased 500%!
According to the company, the fund will be used to accelerate Freetrade’s growth, which has increased 500% in the past year to 150,000 customers, and the trading volumes doubled through February and March when the financial markets were in turmoil. With over 70,000 new customers since the start of the year, Freetrade’s burgeoning community is at the heart of its success.
Freetrade now has over 10,000 shareholders following six crowdfunding campaigns with Crowdcube, who have been pivotal in the company’s growth so far.
One of the newest members of London Stock Exchange!
Notably, the app allows people to buy stocks like Amazon, Greggs, Tesla, Fevertree, and Apple and can use an ISA to invest up to £20,000/year in a tax-efficient account. In 2019 they raised $15 million, including Series A with VC Draper Esprit.
Started in 2016, by Adam Dodds, Andre Mohamed, Davide Fioranelli, Ian Fuller, Viktor Nebehaj, Freetrade is FCA-regulated, FSCS-secured, and one of the newest members of the London Stock Exchange (LSE). With over 150,000 customers and 60 employees, Freetrade is on a mission to enable people to invest and grow their savings by benefitting from the global economic growth driven by public companies.
Main image credits: Freetrade
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