An announcement from investing platform Freetrade that now has £1bn in client funds shows that it continues to expand its low-cost share dealing business even as the UK economy reopens and workers head back to the office.
Freetrade now has £1bn assets under administration
Freetrade, the commission-free share dealing and stockbroking service has reached an important milestone: the broker now has £1.0 billion of assets under administration.
Freetrade has seen continued growth throughout 2021 and registered its millionth UK user in October; the number of new funded customer accounts, opened last month, at Freetrade hit 115,000, taking growth across 2021 to date, to around 400%.
Is Freetrade growing in other ways?
It’s not only new account openings that are growing at Freetrade, the business was recently recognised as the second-largest investment platform in the UK.
As measured by the number of bargains executed on the London Stock Exchange’s RSP or Retail Service Provider network, a system that allows market makers to make competing bid-offer prices electronically, to facilitate retail order flow.
Adam Dodds Freetrade’s founder and CEO said of the billion-pound milestone
“It’s humbling that our customers have entrusted over £1 billion in assets with us. We built Freetrade to make investing more accessible, supporting our customers in making decisions that should benefit their finances over the long term.”
He added that:
“We’ve brought simple investing to hundreds of thousands of customers for the first time. And we’re going to carry on this momentum with renewed dedication to a clear belief: investing should be accessible to everyone.”
What’s next for Freetrade?
Freetrade was launched in 2018 with the goal of making low cost investing available to all traders regardless of their account size or level of funding. It places an emphasis on long term investing and investor education and offers a transparent charging structure.
Freetrade is FCA regulated and offers trading in UK, European and US equities, and ETFs.
The business is building out and beefing up its management team, in September Freetrade appointed Paul Brooker as CFO. Mr Brooker had previously been deputy CFO at Revolut and had senior positions at both Paysafe and IG Group.
Freetrade is also planning to roll out its services in mainland Europe in 2022, with Sweden likely to be its first port of call.