Freetrade, a stock trading app created to compete against established companies like Hargreaves Lansdown, has announced its decision to withdraw from the Swedish market and shift its focus solely on the UK. The company, which currently boasts over 750,000 customers in Britain, is expected to inform its clients on Friday about the winding down of its operations in its only overseas market.
According to sources familiar with the matter, this decision comes on the heels of Freetrade’s first profitable half-year since its inception six years ago. The company has reported a 35% increase in revenue during the first six months of 2023 and has successfully reduced costs by £2.5m in the same period. This news comes as the company’s latest fundraising efforts took place over a year ago, and Freetrade is now focused on achieving sustainable cash flow to fund its future growth.
Freetrade, co-founded by Adam Dodds, has received investments from Molten Ventures and L Catterton. In response to an enquiry from Sky News, Viktor Nebehaj, the company’s chief executive and co-founder, stated that after careful consideration, they have decided to concentrate their resources on expanding their market share in the UK’s self-directed investment market. As CEO, Nebehaj is determined to keep the team’s focus on executing projects that will generate significant shareholder value.
He further added, “Freetrade is currently in its strongest financial position since its inception. It is crucial that we concentrate on our core market and its immense growth potential.” Stay updated on the latest financial news by following our live coverage.
