UK-based commission free investment platform, Freetrade, has reached a milestone in the United Kingdom. The app has registered its one-millionth user as retail traders continue to flock towards the fintech firm.
Freetrade, which is experiencing a period of accelerating growth, currently ranks as the second-largest retail broker, by number of trades, on the London Stock Exchange.
Adam Dodds, Founder and Chief Executive Officer, commented: “This is a key milestone in our journey to get everyone investing. I’m proud about the dedicated work shown by everyone on our team and, above all else, I’m reminded daily about how lucky we are to have such a passionate and supportive community behind us. As we head towards the end of the year, we’re continuing to accelerate our growth across Europe and beyond.”
Freetrade is stepping foot in Sweden as the first market in the trading app’s quest for Europe. The platform will begin the rollout across the continent in 2020.
A number of features have fueled client onboarding at the company. Fractional shares have found much popularity, but the app also includes an insights tab, instant deposits, and live pricing.
The company’s premium membership, Freetrade Plus, has gained much attention as traders were and are still able to get a 3% interest on deposits, which is very competitive nowadays. The app also features a low fixed cost SIPP and Freetrade Pension.
The company’s employee headcount has exploded to over 200 since 2020. That is four times the staff it used to have.
Freetrade has already opened offices in Brisbane (Australia), Stockholm (Sweden) and Vancouver (Canada) as the trading platform hopes to get as much popularity in these new markets as it had in the United Kingdom.
The trading offering at Freetrade has grown to more than 5,000 stocks, ETFs and investment trusts. This portfolio will soon be offered to clients in Sweden and elsewhere in Europe.
The platform was launched in December 2019 as an FCA-licensed stockbroker after having set Crowdcube’s record for the fastest time ever to raise £1m.
Its “freemium” business model means that the Freetrade app allows anyone to sign up and trade with zero commission, as well as additional paid services like the Investment ISA and the Alpha Account which provides free and unlimited instant trading.
Freetrade has gone into a hiring spree since it closed on a £50 million funding round back in March. The firm has recently hired Revolut’s former finance executive Paul Brooking as Chief Financial Officer (CFO).