British fintech Freetrade raises €58m in Series B funding for Europe expansion
The Series B funding round was led by Left Lane Capital, a growth capital investment firm, alongside L Catterton's Growth Fund, a consumer-focussed private equity firm, and Draper Esprit, a London Stock Exchange-listed venture capital firm. Freetrade announced the new fundraising round after the significant growth of the platform, which has 600,000 users and trading volumes exceeding £1bn in the first quarter of 2021. The round included both primary and secondary investments, with the final completion subject to FCA approval.
Freetrade, which has already opened two international offices in Sweden and Australia, announced that these funds would be used to develop the fintech’s operations in France and scale its product and technology. Adam Dodds, founder and CEO of Freetrade, said that this is a structuring investment that will reinforce its mission to make investing accessible to all, especially in France, where the launch is planned for the first half of 2021. The waiting list is already open in France for sign-ups, through which investors can access 5,000 stocks and ETFs listed on major European, UK and US exchanges.
Freetrade is the latest neo-broker to launch its operations in France, following German brokerage platform Trade Republic, in addition to existing platforms such as eToro.