The UK challenger dealer Freetrade offered commission free investing and now has closed $15 million funding in Series A. This round has included an investment of $7.5 million from a UK venture capital firm named Draper Esprit and equity crowdfunding through Crowdcube. This funding is going to be used by Freetrade for their further expansion and to develop their product quality as well as quantity, and it will include “doubling down”. The Fintech, on the other hand is also thinking to extend to Europe in the following year. The Founder and CEO of Freetrade named Adam Dodds said that there would be a content and a marketing push to aid reaching more target and to educate the entire market which didn’t have to be complicated.
Among the number of the new investment and the stock trading apps in UK, the London based Freetrade was the first out of the gate as bona-fide “challenger broker” after making the decision soon on creating the own brokerage. It had included containing a whole license of the broker from FCA rather than partnering simply with a renowned broker. The Freetrade app lets the customers to invest in the stocks as well as in ETFs. The trades are free from the fees, if you are gad for buying or selling the trades to execute the business per day. If a customer wants to execute immediately, then the startup charges an amount of £1 in a single trade. The plan is to put this heat on larger incumbents which can charge to £12 in each trade.