Hong Kong

Freetrade to Double Its Valuation with a New Fundraising

After a fresh round of fundraising, which aims to double the company’s value set at GBP 270 million in March, Freetrade is seeking a GBP 650 million valuation. According to the Financial Times, the firm launched its seventh public-funding campaign today.

The financial services firm aims to expand its business into the bitcoin sector. During the recent retail stock trading boom, Freetrade pointed out that the coronavirus epidemic boosted its value.

These waves have been observed in trading platforms like Robinhood, created by millennial traders who entered the stock market. “What we’ve seen during the last two years is that the idea that Europeans aren’t interested in or don’t invest in the stock market isn’t accurate.,” stated Adam Dodds, Freetrade’s CEO.

Furthermore, he anticipates a ‘battleground Europe’ among investment apps, and the firm is looking forward to capitalizing on rising demand in Europe and going further. 

Freetrade has already amassed 600,000 funded accounts, up from 150,000 at the start of the year, and it is expected to generate GBP 15 million in revenue by 2021.

Recent Freetrade key hirings

Paul Brooking became Freetrade’s Chief Financial Officer in September. He started working for the firm early this month. Over 16 years, he has worked with several financial businesses. 

During his career, he has worked for a variety of financial institutions and fintech firms.

He previously worked for Revolut, the Deputy CFO and Head of Financial Control, for almost a year. Before that, he worked for the Paysafe Group as an SVP and Group Financial Controller. 

He spent nine years at the giant IG in various leadership roles, departing as the Head of Corporate Finance. He began his career at PwC, where he worked for over a decade.

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