Freetrade launches another round of crowdfunding

Karthik Subramanian

Freetrade, a stockbroking app that is commission-free and which has a strong user base in the UK, has announced that it would be going for another round of crowdfunding after having raised $69 million just a few months back in its Series B.


Commission-free trading is the ‘in’ thing nowadays in the stockbroking market with many retail trading brokers all around the world looking to offer this product for their users. It is a very attractive proposition for the users and though it is clear that if the brokers do not earn commissions from trades, they are likely to earn revenue through other means, the retail segment does not seem too perturbed by that and has generally loved such commission-free trading apps. Robinhood in the US is a prime example of this and though its revenue generation strategy may likely be shut down by the SEC pretty soon, it still has a huge user base who are ready to forgive and forget its minor glitches and move on. This trend seems to be catching on in the UK and Europe as well.

Freetrade believes that crowdfunding helps to allow anyone and everyone to own a share of a growing company while it is also viewed as a marketing effort as it helps to create a buzz among the investors and it then helps to brand the platform through word of mouth.

Adam Dodds, CEO, and founder of Freetrade, said: “In a world awash with venture capital, it’s important to offer everyone the opportunity to invest in companies, like Freetrade, at the earliest stages and throughout their growth. As we’re about to expand into Europe, it only makes sense that we should open up this round to prospective customers and investors across the continent. Crowdfunding has given us a passionate community of shareholders who help to keep us focused on our mission to get everyone investing.”

The platform has more than 1 million registered users from the UK and this number has grown by 400% in 2021 with the funded customers also growing by more than 50% since January 2021. This shows that clients and investors are eager to trade on the platform which augurs well for its future. The crowdfunding round starts on November 24 and it will be the seventh crowdfunding round for the company.

Read this next


US and South Korea seek extradition of Luna founder Do Kwon

Both US and South Korean officials are seeking to extradite Terraform Labs CEO Do Kwon, just hours after he was arrested in Montenegro.

Retail FX

Pepperstone UK doubles profit, client assets in 2022

The London-based entity of Australian FX broker Pepperstone has reported its financials for the fiscal year ending June 30, 2022. The group had outperformed the last year’s flat performance, having doubled revenues and boosted the broker’s bottom line and shareholders’ fortunes.

Institutional FX

CLS FX volume rises to just shy of $2 trillion in February

Foreign exchange settlement provider, CLS Group saw strong volumes in February 2023 as the banking crisis continues to weigh on a world economy that’s yet to fully recover from the Russia-Ukraine war’s shocks.

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.


SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products.