Commission-free stockbroking app Freetrade has raised a Series B round of $69 million. The fundraising follows a period of significant growth that saw customer numbers hit 600,000, quarterly trade volumes exceed £1bn, and the opening of offices in Sweden
Like Robinhood on the other side of the pond, Freetrade seems to be benefiting from the economic turmoil caused by the Covid-19 pandemic amid a backdrop of low interest rates on traditonal savings accounts.
Left Lane Capital led the round, with participation from the Growth Fund of L Catterton and LSE-listed VC, Draper Esprit. These funds join Freetrade’s existing shareholder register, which includes over 13,000 individual investors following a £7.1 million crowdfunding campaign held last year.
Freetrade founder and CEO, Adam Dodds, says: “This is a transformational investment that will supercharge our mission to get everyone investing. It’s painful to see millions of investors across Europe stuck paying high fees and bogged down by complex terms and conditions. The costs of offering essential services like share dealing are simply not justifiable and erode valuable returns. Everyone already invests their time and their money on a daily basis, but there is so much more that millions can be doing to get the most out of their money.”
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