Freetrade approved to launch zero commission trading in Sweden
Since the broker’s last crowdfunding round in May 2020, the total number of registered users on the platform has increased from around 150,000 to over 1 million, which corresponds to an increase of almost 600% in 18 months.
Freetrade has been approved by the Swedish Financial Supervisory Authority to be launched in Sweden. The commission-free investment platform had hired three managers last year to prepare the business.
Freetrade will now be able to give Swedish private investors access to thousands of local and international shares and ETFs. The platform will also try to offer local investors an ISK account in the coming months.
The forthcoming launch will begin with a closed beta version for people who have signed up for the waiting list before it is rolled out to the public.
Freetrade’s launch in Sweden follows a period of exceptional growth for the business, which now has over 1.2 million users in the UK and over £ 1 billion in assets under administration.
In December 2021, Freetrade raised over £ 8 million in a crowdfunding event across Europe, setting a number of records for the rate of increase and valuing the company at £ 650 million. The platform is supported by over 10,000 crowdfunding investors as well as top investors such as Left Lane Capital, L Catterton and Molten Ventures.
Adam Dodds, CEO and Founder of Freetrade, said: “This news marks an important milestone in our mission to get everyone to invest. We have always regarded Freetrade as a European company in principle, and I’m glad we can take the step forward. With our expansion, there is a huge opportunity for our business to offer European private investors a cheap and easy way to invest in the long term.We have always put our customers first in everything we do, and we are happy to now be able to to the rest of Europe. “
Karl Broomé, CEO and Freetrade’s Sweden manager, said: “I am proud to be able to share our mission to get everyone to invest in Sweden. This development is proof of our team’s hard work and we look forward to developing how private investors in Sweden “Eventually, across Europe, access to global stock markets. Our unique offering, innovative services and transparent pricing are truly in line with the interests of private investors.”
The broker has entered a hiring round, after appointing Revolut’s former CFO Paul Brooking as Chief Financial Officer (CFO).
For the agency’s strategic growth in Europe, Freetrade appointed Karl Broomé as CEO of Sweden and Annica Lundblad and Torbjörn Ericsson as non-CEOs.
Freetrade has experienced phenomenal growth during the Covid-19 pandemic and since the broker’s latest crowdfunding round in May 2020, the total number of registered users on the platform has increased from around 150,000 to over 1 million, corresponding to an increase of almost 600% in 18 months.