Investment start-up听Freetrade听has raised听拢50听million听in a Series听B听谤辞耻苍诲.听
The firm鈥檚 app offers commission-free stock听investment and听is targeted at millennials听in an effort to听solve what it sees as generational inequality.听
Traditional methods of stock trading can cost up to 拢12 per trade, while on the firm鈥檚 app basic orders are free, or 拢1 for an instant order.听
The听London firm now has more than 600,000 customers in the UK, while听quarterly trade volumes are exceeding 拢1 billion. It has opened offices in Sweden and Australia.听
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Left Lane Capital, a growth equity firm focused on consumer internet听and technology businesses, led the round. The Growth Fund of L听Catterton, the largest global consumer-focused private equity firm, and LSE-listed VC, Draper Esprit, also participated.听听
These funds join听贵谤别别迟谤补诲别鈥檚听existing shareholder register, which includes over 13,000 individual investors听following a record-breaking crowdfunding campaign听in which it secured 拢1m in 77 seconds. The firm听also raised $15m听from investors听in late听2019.听
The funds will accelerate听贵谤别别迟谤补诲别鈥檚听growth in international markets and allow the team to scale its product.听
鈥淭his is a transformational investment听that will supercharge our mission to get everyone investing,鈥� said CEO and founder听Adam Dodds.听听
鈥�It鈥檚 painful to see millions of investors across Europe stuck paying high fees and bogged down by complex terms and conditions. The costs of offering essential services like share dealing are simply听not justifiable and erode valuable returns.听听
鈥�Everyone already invests their time and their money听on a daily basis, but there is so much more that millions can be doing to get the most out of their money.听听
鈥�We are committed to helping everyone to achieve better听financial outcomes.鈥�听
Freetrade听says its听goal is to help its customers achieve better financial outcomes through low costs and a strong emphasis听on educating new and experienced investors about the benefits of developing long-term investing habits.听
Harley Miller, Managing Partner of Left Lane Capital,听said: 鈥淲e are honoured to partner with听Freetrade听as they embark on this next chapter of growth, and continue to make investing more accessible for everyone in the UK and Europe.听听
鈥�Left Lane has a strong philosophical alignment with management on doing right by the customer, something that is rare in the听FinTech听ecosystem.听听
鈥�This sentiment is further corroborated by the robust and loyal community that听Freetrade听has cultivated over the years, which we found to be fundamentally unique – a true听by–product听of instilling trust and integrity in their platform.鈥澨�听