Freetrade Completes $15M Series A Round Following A Further $7.5M From Draper Esprit

S DigitalOcean.com – cloud hosting, built for champions: sign up and receive $10 in hosting credit immediately!

Freetrade, a challenger stockbroker that’s brought commission-free investing to the UK and will launch to the rest of Europe soon, today announced it has closed a $15m Series A round including a $7.5m investment from one of Europe’s top venture capital firms, Draper Esprit.

This round combined with the previous crowdfunding rounds earlier this year brings the total amount raised in 2019 to over $15m. As part of this round, Freetrade raised £1m 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, Chief Executive Officer 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 are 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. 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,” said Simon Cook,
Chief Executive Officer of Draper Esprit.

Recommended: A5 Events Handles The Logistical And Operational Tasks To Put On An Event

Freetrade is a challenger stockbroker that’s brought mobile-first, commission-free investing to the UK, and is entering Europe in early 2020. With over 50,000 customers and 50 employees, Freetrade is on a mission to enable people to invest and grow their savings by benefitting from the global economic growth driven by public companies. Freetrade is FCA-regulated, FSCS-secured and one of the newest members of the London Stock Exchange (LSE).

Draper Esprit is one of the most active venture capital firms in Europe, developing and investing in disruptive, high growth technology companies. We believe the best entrepreneurs in Europe are capable of building the global businesses of the future. We fuel their growth with long- term capital, access to international networks and decades of experience building businesses. Currently, Draper Esprit is a shareholder in a diverse portfolio of companies including Trustpilot, UiPath, Transferwise, and Graphcore.

,