London-based stock investing app Freetrade raises €13.4 million in Series A funding round

freetrade-founders

London-based startup Freetrade, a commission-free stock investing app, has raised a €13.4 million Series A round, including €6.7 million from one of Europe’s top venture capital firms, Draper Esprit.

As part of this round, Freetrade raised €1.16 million in 77 seconds – the fastest raise ever on Crowdcube – beating the previous record held by Monzo. Simultaneously, Freetrade raised over 400% of its original target, from 5,000 of its community members. The funds raised this year will be used to continue to accelerate the company’s already rapid growth, hire a world-class team, doubling down on engineering hires and market expansion. By scaling the team, Freetrade will be able to dramatically improve the brokerage space and consumer experience in Europe.

“This marks a pivotal moment for us as we continue to build a smooth and cost-effective investing app in the UK and Europe,” said Adam Dodds, CEO and founder of Freetrade. “We’re thrilled to have Draper Esprit, a VC firm with similar values and who’s committed to enabling everyone to get a slice of the companies of tomorrow, join us on this journey. From the beginning, we’ve been focused on making Freetrade the home screen app for investing. With this investment, we’ll be able to level up our team and further develop our proprietary technology that will enable us to launch our new investment platform, providing users with the option to purchase not only US but UK and European fractional shares — a world first!”

With over 17 million millennials in the UK, Freetrade is making major strides to solve widening generational inequality. Where incumbents charge up to £12 per trade, Freetrade charges £0 for basic orders (executed at 4 pm) or just £1 for an instant order, removing the current barriers for entry and providing a greater opportunity to save and benefit from the world’s economic growth. Freetrade has already seen great success among a younger audience with the average age at 30 years old, 8% week on week customer growth and a buzzing community forum where consumers can discuss investment trends, stocks and more.

“Freetrade is on a mission to open up investment opportunities for everyone, as are we. In this sense, their mission is totally aligned with our own, as a rare tech-focused VC listed on the stock exchange,” said Simon Cook, CEO of Draper Esprit.

“The company have shown exceptional growth in the short time since they first launched the platform last year. We could not be more delighted to support with Adam, Viktor, Ian and their wider team as they enable Europe’s 100 million millennials to benefit from the world’s economic growth.”

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