Monzo partners with Freetrade to offer free shares for subscribers
Plus and Premium customers will be eligible for three free shares worth between £3 and £200.
Fintechs have a long history of teaming up with each other, but this latest partnership has come a bit out of left-field.
In a blog post, Matt Mair, business analyst at Monzo, wrote: “In a nutshell, the Freetrade app lets you invest in stocks and exchange-traded funds (ETFs) with no commission or hidden fees. Where they do charge, they do so in a transparent way.”
“Whether you’re an experienced investor or you’re a total beginner, they make it easy to manage your portfolio right there in the app.”
The offer is slightly better than Freetrade’s standard referral programme, which only gives the user that refers a friend and the friend referred a free share each, not three free shares all for themselves.
“We have grown rapidly since our app launched in 2018 and as a business that is on a mission to get everyone investing, our partnership with Monzo is another step in that direction.”
Monzo Plus is £5 per month and allows users to connect their other bank accounts, while Monzo Premium, which boasts other features such as travel insurance, a metal card and higher interest rates costs a whopping £15 per month.
Without the costs of its US banking licence, Monzo will refocus its attention to investing more in its UK operations, with this partnership likely being the first of many new launches for its customers.
On 7 May 2021, the FCA informed Monzo that it has “started an investigation into our compliance with financial crime regulation,” after initially telling the bank to appoint someone internally to oversee the initial review into its financial crime practices in August 2020.
Over the last year, Freetrade has gone from strength to strength.