Freetrade Raises Over £2 Million During First Few Hours Crowdfunding on Crowdcube

Yesterday, Crowdfund Insider previewed Freetrade’s crowdfunding round on Crowdcube. Today, the offer is live and out of private mode so we wanted to provide an update.

As it stands now, Freetrade has easily topped its low-end hurdle of £1 million as it seeks to raise up to £5 million. Freetrade’s last crowdfunding round was wildly popular so expectations are high for this round.

Currently, Freetrade has raised almost £2.5 million supported by 2700 investors. Freetrade is offering up a 5.38% equity stake at a pre-money valuation of £43 million.

While the valuation may seem steep if the Fintech can match the pace of some of the other next wave investment platforms FreeTrade may scale rapidly.

Freetrade reports that since early April, their customer base has grown by 100% to over 30,000.

Freetrade is a zero fee brokerage that only charges fees for extras thus challenging traditional brokers which still largely base their businesses off of trading surcharges.

Any funds raised will be used for platform growth and a planned expansion into continental Europe. FreeTrade states that a good number of the individuals on their waiting list are based outside the UK.

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