The growth plan of another buzzy UK fintech is gathering pace with a new funding round for fee-less stockbroker Freetrade.
British fintech Freetrade, the UK's answer to Robinhood, is set to raise £1 million in crowdfunding from its members on Thursday.
Fee-free stockbroking has exploded in the US with Robinhood — which looks set to IPO this year — gaining major support amongst millennials. Freetrade is looking to do the same in Europe. It's latest funding will go towards building out its product offering, such as offering fractional shares of equities , and boosting its European presence, founder Adam Dodds told Business Insider in an interview.
Freetrade operates on a model like those offered by companies such as Spotify. Customers are able to open an account free of charge and make trades but can pay more for quicker transaction speeds. The company currently offers 335 different investment options and is planning on introducing a premium"Alpha" account later this year which has a flat fee of around £7, says Dodds.
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