Freetrade just closed its 6th crowdfund with £7.1m raised in 5 days

By Oliver Smith on Tuesday 19 May 2020

Savings and Investment

The share trading app reached the European regulatory limit on how much can be raised through crowdfunding.

Freetrade just closed its 6th crowdfund with £7.1m raised in 5 days
Image source: Freetrade.

With over 8,500 investors and a whopping £7.09m raised, Freetrade this morning closed the largest equity crowdfund of 2020.

The round closed after just five days given Freetrade reached the European regulatory limit on how much can be crowdfunded without a prospectus.

Across the six campaigns that Freetrade has now held, the business has over 10,000 shareholders who have invested.

Led by CEO Adam Dodds, Freetrade raised its first £1m in 4 minutes 33 seconds and exclusively from its existing shareholders before opening the round up to the public.

Speaking at the AltFi Digital Summit on Thursday, Dodds teased the business’s upcoming products including a pension fund and a possible IPO in the not-too-distant future. 

The fintech says the funds raised from this most recent round will be used to accelerate growth and continue its expansion—Freetrade has added over 70,000 customers since the start of 2020 alone.

Based on the number of trades through the London Stock Exchange’s RSP network, Freetrade considers itself to now be the third largest stockbroker in the UK.

Watch: Freetrade CEO Adam Dodds at the AltFi Digital Summit 2020

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