Freetrade Posts 313% Yearly Jump in Trading Volumes in FY21

Freetrade, an app-based stockbroker providing an execution-only trading platform to retail customers, has released its financials for the fiscal year of 2021, ending on 30 September 2021. Despite the ongoing pandemic situation, 2021 has been a good year for the company.

The company reported a revenue of £12.7 million across the 12 month period. When measuring this against the previous fiscal year, which had a revenue of £1.7 million, representing a jump of 647 percent.

During the year, Freetrade's overall trading volumes were more than three times higher than the previous year at £3.3 billion (2020: £0.8 billion) as it added thousands of new stocks, exchange-traded funds and investment trusts across the financial year.

In addition, the firm's number of registered users increased significantly during the year, increasing by 637,895 users and shortly following the end of the financial year reached the milestone of having over one million registered users.

Despite significantly increased revenue, the company's loss before tax doubled to £18.2 million from the previous year's £9.5 million, attributable to an increased level of costs.