Fintech share-trading app Freetrade’s next move

By Daniel Lanyon on 22nd January 2019

Fintech

Customers of the share-trading app will be able to access a new US stocks feature enabling investments in Tesla, Amazon, Apple et al.

Fintech share-trading app Freetrade’s next move

Share dealing investment app Freetrade has widened the stocks it offers would-be investors to include US companies as it looks to gear up for its first full year of growth, a new fundraise and a launch in mainland Europe. 

From today the firm will offer 120 US stocks. The firm says that US stocks consistently have been requested from users with thousands of search requests per week for names such as - in order of most searched - Apple, Tesla, Amazon, Netflix, Disney, Facebook, Snap, Microsoft, Berkshire Hathaway and Google.

A spokesperson for Freetrade even said that Monzo, an unlisted UK company, even makes it into the top 30 search terms.

Freetrade said in a statement: “With Brexit coming up and our search data/requests spiking from our community around US stocks, we prioritised the launch of US stocks, to provide our users with access to the international stock market and invest in the companies and brands that matter to them.”  

Launched in October 2018, Freetrade now has more than 10,000 users and is rapidly onboarding up to 1,000 per day from its waitlist, which nears 75,000.

Customers tend mostly to be in the millennial 18-34 bracket (80 per cent) and mostly male - also about 80 per cent - and based in the UK.

The firm is planning on an expansion to European markets in 2019 as well as raising a new round of capital following its £3m crowdfund raise last year.

“Lots of Freetrade fans are based in Europe and this is the year we become international and bring free investing to the continent,” the firm said in a note to clients.

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