British online broker Freetrade has big plans to expand into Europe and Australia as well. The company is now raising nearly 600 million SEK to ramp up the pace, including in Sweden.
In total, the company raised $ 69 million, or 590 million Swedish kronor, on a tour led by American Left Lane Capital.
During the quarter, the number of users in the UK home country increased to more than 600,000 and the volume of trading in the quarter exceeded one billion pounds, 11, 8 billion kronor.
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Freetrade was launched in 2018 by entrepreneurs Adam Dodds, Viktor Nebehaj and Ian Fuller, and before today’s tour it raised more than SEK 280 million in financial rounds in which, among other things, venture capital firm Draper Esprit participated.
Finansuppstickaren has big plans for Europe in the wake of Brexit and launched plans for a new European head office in Stockholm in November last year. The company has also opened offices in Australia.
The Freetrade service allows you to trade stocks, ETFs, and other securities completely without brokerage, which is the fee you would normally pay for trading on paper. The company will also offer factional trading, which means that it will buy a portion of the stock.
The business model, like Nordnet and Avanza, is to have a free investment account, but also to offer premium accounts with a larger range for a fee of £ 3 to £ 9 a month. Freetrade also charges a fee of 0.45 percent on all stock trading that is not in your local currency. The service has not yet been launched in Sweden.