Freetrade pockets £1.1m on Crowdcube for stocks app

Stockbroking app Freetrade has smashed through its latest crowdfunding target to secure £1.1m in just 12 days.

The London-based startup took to Crowdcube to raise its latest round of funding, eventually landing more than 360% of its £300,000 target.

The round brings its total crowdfunding to £1.3m across two rounds over 10 months.

Freetrade’s latest haul saw more than 1,153 investors participate while the app counts more than 6,000 people on its waiting list.

Accelerated through Octopus Labs, Freetrade allows users to buy shares with zero commissions and no minimum investment.

The company offers fractional shares that enable users to buy stock for a much lower price than a full share.

It operates a tiered business structure with premium accounts offering more services for a fee.
Freetrade co-founder Davide Fioranelli said: “We live in a digital, smartphone era and millennials, who face more financial pressures than any previous generations, deserved the right to start investing for their future.

“Stockbrokers in the UK simply don’t serve this next generation of investors. Commissions are expensive, minimums are high and it’s complicated to start investing.

“It can’t continue like this. Say goodbye to jargon, complex charts, and account opening forms, all you need is our app.”

The capital will be used to support the company’s first year of operations and with the launch of its app coming this year.

Copyright © 2017 FINTECH GLOBAL