Freetrade approved to launch zero-commission trading in Sweden
Since the broker’s last crowdfunding round in May 2020, total registered users on the platform have increased from approximately 150,000 to over 1 million, representing a nearly 600% increase in 18 months.
Freetrade has been approved by the Swedish financial watchdog, Finansinspektionen, to launch in Sweden. The commission-free investment platform had hired three executives last year to prepare the operation.
Freetrade will now be able to provide Swedish retail investors with access to thousands of local and international stocks and ETFs. The platform will also seek to offer local investors an ISK account in the coming months.
Freetrade plans to offer an ISK account to Swedish investors
The imminent launch will start with a closed beta version for people who signed up to the waitlist before rolling it out to the general public.
Freetrade’s launch in Sweden follows a period of exceptional growth for the business, which now has over 1.2 million users in the UK and over £1 billion in Assets under Administration .
In December 2021, Freetrade raised over £8 million in a crowdfunding event across Europe, setting a number of records for the speed of the raise and valuing the firm at £650 million. The platform is backed by over 10,000 crowdfunding investors as well as top investors such as Left Lane Capital, L Catterton, and Molten Ventures.
Adam Dodds, CEO and Founder of Freetrade, said: “This news marks a significant milestone in our mission to get everyone investing. We’ve always considered Freetrade to be a European company at heart, and I am thrilled for us to be able to charge ahead with our expansion. There is a massive opportunity for our business to offer European retail investors a low-cost and simple way to invest for the long-term. We’ve always put our customers’ first in everything we do, and we’re thrilled to now be able to bring this to the rest of Europe.”
Karl Broomé, Managing Director and Freetrade’s Head of Sweden, said: “I am thrilled to be able to share our mission to get everyone investing in Sweden. This development is testament to the hard work of our team and we’re looking forward to evolving the way retail investors in Sweden and eventually, across Europe, access global stock markets. Our unique offering, innovative services and transparent pricing are truly aligned with retail investors’ interests.”
The broker has gone into a hiring spree, having appointed Revolut’s former finance executive Paul Brooking as Chief Financial Officer (CFO).
For the sake of the firm’s strategic growth in Europe, Freetrade appointed Karl Broomé as Managing Director for Sweden, as well as Annica Lundblad and Torbjörn Ericsson as non-executive directors.
Freetrade has experienced phenomenal growth during the Covid-19 pandemic and, since the broker’s last crowdfunding round in May 2020, total registered users on the platform have increased from approximately 150,000 to over 1 million, representing a nearly 600% increase in 18 months.