Freetrade Lands £1 Million Funding

UK-based stock trading platform Freetrade said in an update on Twitter that it has raised over £1 million from 1,976 investors, consisting both 'previous investors and early access signups'.

Previously, the startup failed to hit a valuation of £700 million from a funding round to be supported by new backers, citing an unfavourable macroeconomic environment.

Freetrade generated £12.7 million in revenue during its 2021 fiscal year ending on September 30, which was a 647% boost in its yearly revenue.

In terms of trading volume, the trading platform recorded £3.3 billion at the end of September, representing a 313% surge from the fiscal year of 2020. Its total client base came in at 886,743 during the period, and crossed the 1 million mark at the end of December. However, Freetrade reported a pre-tax loss of £18.2 million during the fiscal year.

Starting from January, Freetrade offers direct access to the German stock market, introducing German-listed stocks to its users. The move is 'a key step' for the company to launch its expansion into Europe and beyond, according to Adam Dodds, Chief Executive Officer at Freetrade.

"Our mission is to get everyone investing while keeping prices low. Freetrade's unique direct-to-market access and proprietary brokerage platform help to unlock cost-savings that we can pass onto our customers through a simple and low-cost investment experience," Dodds explained.