Freetrade secures $69 million in Series B funding from Left Lane Capital
By Megha Bhattacharya
Investment platform Freetrade today announced that it has raised $69 million in a Series B round, following a period of growth that saw customer numbers hit 600,000, quarterly trade volumes exceed £1 billion, and the opening of offices in Sweden and Australia. The company aims to use the funding to accelerate its growth in international markets and allow the team to scale its product.
The round was led by Left Lane Capital, a growth equity firm focused on consumer internet and technology businesses and saw the participation of The Growth Fund of L Catterton, a global consumer-focused private equity firm, and LSE-listed VC, Draper Esprit.
Freetrade Founder and CEO, Adam Dodds, said, “This is a transformational investment that will supercharge our mission to get everyone investing. It’s 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 not justifiable and erode valuable returns. 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.”
Harley Miller, Managing Partner of Left Lane Capital, said, “We are honored to partner with Freetrade as they embark on this next chapter of growth, and continue to make investing more accessible for everyone in the UK and Europe. Left Lane has a strong philosophical alignment with management on doing right by the customer, something that is rare in the fintech ecosystem. This sentiment is further corroborated by the robust and loyal community that Freetrade has cultivated over the years, which we found to be fundamentally unique – a true byproduct of instilling trust and integrity in their platform.”
Recently, TrueLayer announced a collaboration with Freetrade in a bid to deliver enhanced investing experience using Open Banking to around 200,000 of its customers. Freetrade, the commission-free investing app, has already implemented TrueLayer’s Open Banking Data and Payment APIs. The platform allows Freetrade’s customers to connect their primary bank account to the its app, thus providing securing funding via Payments Initiation.
Michael Mitterlehner, Partner, L Catterton, said, “As the financial technology industry grows and evolves, Freetrade has differentiated itself as a trusted, commission-free platform that makes the stock market accessible to everyone. We’re excited to partner with them and leverage our deep knowledge and significant experience in consumer-focused technology to bring it to new heights. Since 2018, Freetrade has amassed a broad and loyal following, and we’re delighted to support the Company’s continued expansion.”
Will Turner, Managing Partner, Draper Esprit, said, “We have seen the impact investment platforms can have on public markets in the last 12 months, but we are proud that Freetrade remained focused on acting in the interests of its customers – 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.”
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