“We are pleased to welcome John to our Board as a non-executive director. John’s significant experience in financial services will be an asset as Freetrade enters its next stage of growth.”
Freetrade has announced the appointment of a new senior independent director. The leading challenger broker in the UK has welcomed John Baines as a Non-Executive Director.
John Baines is an industry veteran with more than thirty years of experience in financial services both in executive and board roles, thus bringing deep governance and regulatory knowledge to Freetrade’s Board.
His past executive roles include Finance Director at the Co-Operative Bank and Aldermore Bank, CEO and CFO of RBS’s Wealth Management Division. He previously served on the boards of Interactive Investor, Distribution Finance Capital, Bank of Ireland UK, and Alliance Trust Savings.
John Baines will chair Freetrade’s risk and audit committee
The new Non-Executive Director, who also serves on the boards of DB UK Bank Limited and State Bank of India (UK), will chair Freetrade’s risk and audit committee as part of his board responsibilities.
Adam Dodds, Founder and Chief Executive Officer at Freetrade, said: “We are pleased to welcome John to our Board as a non-executive director. John’s significant experience in financial services will be an asset as Freetrade enters its next stage of growth.”
John is a qualified chartered accountant and spent his early career in accounting and audit roles.
Freetrade’s canceled fundraiser at a £700m valuation due to bear markets
In September 2022, Freetrade raised over £1 million from existing investors in its latest crowdfunding campaign. Terms were the same as the broker’s institutional investors secured earlier in 2022.
The funding is being used by Freetrade for further growth and product development, including doubling down on expanding to new markets. The UK commission-free stock has recently secured a license from the Swedish financial regulator, thus obtaining an EU passport.
Prior to the crowdfunding campaign, Freetrade had reportedly signed term sheets with new investors to inject fresh capital at a £700 million valuation, but the deal was canceled in January amid investors concerns over highly valued tech start-ups. The broker then raised £30 million in debt financing led by existing investors Molten Ventures, Left Lane Capital and L Catterton and new investors including Phoenix and Capricorn Capital Group.