Freetrade, the UK challenger stockbroker, completes $15M Series A
Freetrade, the U.K. challenger stockbroker that offers commission-free investing, has closed $15 million in Series A funding. The round includes a $7.5 million investment from Draper Esprit, the U.K. publicly-listed venture capital firm, along with previously announced equity crowdfunding via Crowdcube.
The funding will be used by Freetrade for further growth and product development, including “doubling down” on engineering hires. The fintech, which claims over 50,000 customers, is also planning to expand to Europe next year.
In addition, Adam Dodds, CEO and founder of Freetrade, tells me there will be a marketing and content push to help reach more of the challenger stockbroker’s target millennial customers and help educate the market as a whole that investing in the stock market doesn’t have to be prohibitively expensive or complicated.
Amongst a number of new stock trading and investment apps in the U.K., London-based Freetrade was first out of the gate as a bona-fide “challenger broker” after deciding early on to build its own brokerage. This included obtaining a full broker license from the FCA, rather than simply partnering with an established broker.
The Freetrade app lets you invest in stocks and ETFs. Trades are “fee-free” if you are happy for your
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