The investment platform has secured $69m in Series B funding, which will enable it to grow in international markets including Ireland.
UK-based investment platform Freetrade has raised $69m in a Series B funding round led by growth equity firm Left Lane Capital.
The news follows a period of significant growth, according to the company, with user numbers hitting 600,000 and trade volumes in the first quarter of the year exceeding £1bn. It also recently opened new offices in Sweden and Australia.
Launched in 2018, Freetrade is an investment platform offering a ‘freemium’ share-dealing service. According to the company, its proprietary brokerage technology offers retail investors access to global stock markets.
The fresh funding will enable Freetrade to scale its products and grow in international markets. This includes expansion into Ireland, with a launch planned later this year and a waitlist for sign-ups already open.
Along with Left Lane Capital, L Catterton’s Growth Fund and Draper Esprit also participated in the funding round.
Freetrade’s founder and CEO, Adam Dodds, said the latest round of funding will “supercharge our mission to get everyone investing”.
“Everyone already invests their time and their money on a daily basis, but there is so much more that millions can be doing to get the most out of their money. We are committed to helping everyone to achieve better financial outcomes,” he said.
Harley Miller, managing partner at Left Lane Capital, said Freetrade’s expansion will make investing “more accessible” to people in the UK and Europe.
Will Turner, managing partner at Draper Esprit, added that he has seen the impact investment platforms can have on public markets in the last year. Most recently, the GameStop saga saw retail investors take on Wall Street hedge funds.
However, Turner said that Freetrade has remained focused on acting in the interest of everyday investors. “We continue to believe in democratising access to the markets and are delighted to welcome Left Lane Capital and L Catterton to the journey, as we fuel the continued explosive growth of Freetrade.”