Freetrade, the inventory buying and selling app set as much as rival the likes of Hargreaves Lansdown, is to tug out of the Swedish market and focus its enterprise solely on the UK.
Sky Information understands that Freetrade, which has about 750,000 prospects in Britain, plans to tell prospects on Friday that it’s winding down operations in its solely abroad market.
Cash newest – observe for updates
The information will come within the wake of the primary worthwhile half-year within the firm’s six-year historical past.
Co-founder Adam Dodds stepped down earlier this yr. Pic: Freetrade
Firm insiders stated it had seen income progress of 35% in comparison with the primary six months of 2023, whereas additionally reducing prices by £2.5m within the interval.
Freetrade final raised funding over a yr in the past, and is now concentrating on being cashflow constructive on a sustainable foundation in an effort to fund its personal progress.
Learn extra from Sky Information:
Main grocery store turns up freezer temperatures
Rates of interest reduce for first time in additional than 4 years
Royal Mail takeover faces nationwide safety probe
The corporate, whose co-founder, Adam Dodds, stepped down earlier this yr, counts Molten Ventures and L Catterton amongst its traders.
Sustain with all the newest information from the UK and around the globe by following Sky Information
Faucet right here
Responding to an enquiry from Sky Information, Viktor Nebehaj, chief govt and co-founder, stated: “After cautious consideration, we felt that it was greatest to focus our assets on rising our market share within the UK’s self-directed funding market.
“As CEO, I’m decided to take care of our staff’s deal with executing tasks that can drive important shareholder worth.
“Proper now, Freetrade is in its strongest monetary place in its historical past.
“It is extra necessary than ever that we deal with our core market and its huge progress prospects.”
