London-based commission-free stock trading app Freetrade secures €13.4M Series A funding

Gone are the days when investing in the stock market was complicated, inaccessible, and expensive. These days, trading isn’t too expensive due to the shares but the fee involved in the process. Well, investing is one of the best ways to save money and Freetrade helps you do the same in a simple way.

Freetrade, a London-based startup provides a commission-free stock trading app. This cost-effective investing app operates in the UK and Europe. Founded in 2016 by Adam Dodds, Davide Fioranelli, and Viktor Nebehaj, this commission-free stock trading app already has over 17 million millennails in the UK.

Closes €13.4M funding

Freetrade just closed $15 million (nearly €13.4 million) Series A funding. This includes $7.5 million (nearly €6.7 million) from Draper Espirit, one of the top venture capital firms in Europe. As a par of the funding round, Freetrade raised £1m (nearly €1.16 million) in just 77 seconds, which is the fastest raise ever recorded on Crowdcube.

With this amount of funding, the company has surpassed the record created by Monzo. Besides this, Freetrade also raised more than 400% of its original target from 5,000 community members.

The company will use the funding to continue to accelerate its already rapid growth further, double down on engineering hires, hire a world-class team, and expand its market presence. By expanding its team, the commission-free stock trading app will be able to improve the customer experience and brokerage space in Europe.

It’s free for basic orders

When other stock trading services charge up to £12 (nearly €14) per trade, Freetrade is affordable as it doesn’t charge any commission on basic orders that are executed at 4 PM. If it is an instant order, then the company charges £1 (nearly €1.2). This provides a greater opportunity for people to save.

As a result, this commission-free stock trading app is quite popular among younger audience with an average age of 30 years. And, the company has witnessed 8% week-on-week growth and a buzzing community forum for customers to discuss stocks, investment trends, and more.

Main image picture credits: Freetrade

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