Freetrade
Corporate brand
UnclaimedFreetrade is a UK fintech brand offering app-based trading and investment accounts for retail investors.
Last updated October 14, 2026
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Overview
Freetrade is a United Kingdom fintech company and investment platform founded in 2016 by Adam Dodds and Davide Fioranelli. Its mobile-first service enables retail investors to buy and hold shares, exchange-traded funds, investment trusts, mutual funds and selected UK government securities through iOS and Android applications. The company’s proposition is built around simplified investing, fractional ownership of certain US securities and a pricing model that generally avoids dealing commissions, while generating revenue from foreign-exchange charges, interest on customer cash and optional paid features. The business emerged during a period in which digital brokerages sought to make investing more accessible to people with limited experience or relatively small portfolios. Freetrade raised substantial early funding through equity crowdfunding, attracting individual investors as well as institutional venture capital. It received a Financial Conduct Authority licence in October 2017, launched its iOS application in 2018 and followed with an Android application in 2019. Its customer base and trading activity expanded during the COVID-19 pandemic and the retail-trading boom of 2020–21, including the period surrounding the GameStop short squeeze. The company reported more than one million registered users in 2021 and reached £1 billion in assets under administration later that year. Freetrade’s growth required continuing investment in technology, regulatory compliance and customer acquisition. Its Series A funding in 2019 and $69 million Series B in 2021 supported expansion, but the company remained loss-making. When technology valuations and venture funding conditions weakened in 2022, Freetrade raised additional money from existing investors through a convertible loan note, reduced its workforce and experienced a substantial decline in valuation. Plans for a wider European rollout were scaled back; Sweden was later exited, while proposed launches in Ireland and the Netherlands did not materialise. The company also faced regulatory and reputational challenges. The FCA required changes to Freetrade’s advertising after finding that some promotions did not present investment risks fairly and prominently. The regulator subsequently ordered the removal of sponsored influencer content that could imply guaranteed or unusually easy returns. Freetrade was also criticised over the treatment of fractional US shares in UK Individual Savings Accounts and over the possibility that customers could misunderstand the tax consequences. Separately, media reporting in 2020 described allegations from former employees concerning workplace culture and staff turnover. Adam Dodds resigned as chief executive in 2024 and was succeeded by chief operating officer Viktor Nebehaj. Freetrade reported improving operating performance during that year, including its first quarterly adjusted operating profit, and acquired the UK customer base and assets of Australian broker Stake. At the end of 2024 it reported 720,000 customers, £2.5 billion in assets under administration and revenue of £27.5 million. In January 2025, IG Group agreed to acquire Freetrade for £160 million in cash; completion followed on 1 April 2025 after regulatory approval. Freetrade continued to operate under its own brand as an IG Group business. The transaction attracted criticism from some crowdfunding and early-stage investors because the sale price was below earlier private-market valuations. Following the acquisition, Freetrade broadened its offering. Mutual funds and UK government securities, including gilts and Treasury bills, were added, while the company moved ISA and SIPP access toward the free tier. Paid plans increasingly focused on optional benefits such as reduced foreign-exchange charges and enhanced interest on cash. In February 2026, IG announced that Viktor Nebehaj would leave in the summer and that Jenny Zhao would become chief executive. Freetrade therefore occupies a po…
History
Freetrade was established in the United Kingdom in 2016 by Adam Dodds and Davide Fioranelli. The founders sought to simplify retail investing through a smartphone application and a pricing structure that avoided conventional dealing commissions. The company’s early financing relied heavily on equity crowdfunding, allowing individual users and supporters to invest directly alongside professional backers. Between 2017 and 2019, crowdfunding campaigns raised more than £10 million, followed by a further £7 million campaign in May 2020. Freetrade obtained authorisation from the Financial Conduct Authority in October 2017. Its iOS application launched in October 2018 and its Android application followed in April 2019. The platform initially focused on UK and US shares and exchange-traded funds, later adding fractional ownership for selected US securities and tax-advantaged UK accounts. In 2019, Molten Ventures participated in a $15 million Series A round. The company also developed a premium subscription, Freetrade Plus, which expanded the available securities and order types. The COVID-19 pandemic brought a surge of interest in retail investing, and Freetrade also benefited from heightened trading activity around the GameStop short squeeze in early 2021. In March 2021, it announced a $69 million Series B led by Left Lane Capital, with participation from L Catterton and Molten Ventures. Trading volumes exceeded £1 billion in May 2021, the company reported one million registered users by October and assets under administration reached £1 billion in November. Growth came with considerable costs: Freetrade reported a net loss of £17.1 million for 2021. The company’s planned European expansion was subsequently curtailed. It had considered Sweden, Ireland and the Netherlands as initial markets for a broader European launch, but the Swedish operation was withdrawn and the proposed Irish and Dutch launches did not take place. In 2022, deteriorating technology-market conditions made it difficult to raise new capital at a targeted £700 million valuation. Existing investors instead supplied £30 million through a Crowdcube convertible loan note in May. In September, Freetrade cut about 15% of its staff. Its valuation later fell to £225 million, and its reported net loss for 2022 was £28.8 million. Freetrade’s advertising practices drew repeated regulatory attention. In 2020, the FCA identified promotions that did not explain investment risks fairly and prominently. In 2021, the regulator issued a supervisory notice concerning sponsored influencer advertisements that could imply positive or guaranteed returns. A further notice followed in January 2022, and in February the FCA ordered removal of another set of sponsored posts after an influencer presented investing as a way to clear significant debt without adequate risk disclosure. The company also faced criticism over its handling of fractional US shares in ISAs, because UK tax rules do not generally permit fractional shares to be held in those accounts. Media reporting in 2020 separately described allegations from former employees concerning excessive working hours, management practices and high turnover. In May 2024, co-founder Adam Dodds resigned as chief executive and Viktor Nebehaj became chief executive. Around the same period, Freetrade reported its first quarterly adjusted operating profit, comprising £12.3 million in gross profit and £91,000 in adjusted operating profit. In August it announced a securities-lending partnership with Sharegain, and in October it acquired the UK client base and assets of Stake. For 2024, Freetrade reported revenue of £27.5 million, 720,000 customers and £2.5 billion in assets under administration. IG Group announced the acquisition of Freetrade in January 2025 for £160 million in cash. The price was below both Freetrade’s previous £225 million fundraising valuation and its approximate late-2021 peak valuation of £650 million. The acquisition completed on 1 April 2025 after regulatory approval. Freetrade remained a separately branded business within IG Group. Some early and crowdfunding investors criticised the transaction because of the reduction in valuation and the losses implied for later-stage investors. After the acquisition, Freetrade expanded beyond its original share-and-ETF range. Mutual funds and UK government securities, including gilts and Treasury bills, were introduced in late 2025. The company also made Stocks and Shares ISAs available without a subscription fee and subsequently removed SIPP subscription fees, while retaining paid-plan benefits such as reduced foreign-exchange charges and enhanced cash interest. By March 2026, IG reported that the platform offered more than 760 mutual funds from approximately 40 fund managers. In February 2026, Nebehaj announced his planned departure and Jenny Zhao was named as his successor.
- 2026
Chief executive succession
[1]Jenny Zhao is designated to succeed Viktor Nebehaj as chief executive.
- 2025
Acquisition by IG Group
[1]IG Group completes its £160 million acquisition of Freetrade, which continues under its own brand.
- 2025
Expansion into funds and government securities
[1]Freetrade adds mutual funds, gilts and Treasury bills to its investment range.
- 2024
Leadership change and Stake acquisition
[1]Adam Dodds leaves the chief executive role, Viktor Nebehaj succeeds him, and Freetrade acquires Stake’s UK client base and assets.
- 2022
Funding pressure and workforce reduction
[1]The company raises £30 million through a convertible loan note and reduces staff by approximately 15% amid a technology-funding downturn.
- 2021
Series B and rapid customer growth
[1]Freetrade raises $69 million in Series B funding and reaches one million registered users during the retail-investing boom.
- 2020
Freetrade Plus introduced
[1]The company introduces a premium service offering broader securities access and additional order types.
- 2019
Android launch and Series A
[1]Freetrade launches on Android and raises a $15 million Series A round with participation from Molten Ventures.
- 2018
iOS launch
[1]The company launches its iOS investment application.
- 2017
FCA authorisation
[1]Freetrade obtains a licence from the UK Financial Conduct Authority.
Products and positioning
A consumer-friendly, mobile-first investment platform positioned around accessible long-term investing, fractional ownership and low or commission-free trading. Its pricing model is not entirely cost-free because foreign-exchange charges, cash economics and optional subscriptions remain important parts of the business.
Investment platform · 2018
Freetrade mobile app
Freetrade’s core product is a mobile application for UK retail investors. Available on iOS and Android, it provides access to equities, exchange-traded funds and other investment products, with an interface designed to reduce the complexity associated with traditional brokerage accounts. The platform supports portfolio management, recurring investment functionality and tax-advantaged account wrappers. Its infrastructure has been described as using serverless computing hosted on Google Cloud Platform.
Tax-advantaged investment account
Stocks and Shares ISA
Freetrade offers UK Stocks and Shares ISAs through its platform, allowing eligible customers to hold investments within the UK’s tax-advantaged individual savings account framework. The ISA was initially associated with a paid subscription, but Freetrade announced that it would be included in the free plan. The treatment of fractional US shares in ISAs generated criticism because UK rules generally do not permit fractional shares to be held directly in an ISA.
Pension investment account
SIPP
The Freetrade SIPP is a self-invested personal pension account for UK customers who want to manage eligible investments within a pension wrapper. It provides access to the platform’s investment range subject to account and product restrictions. In January 2026, Freetrade removed the subscription fee for SIPP accounts and made the product available on its free tier.
Premium brokerage subscription · 2020
Freetrade Plus
Freetrade Plus is the company’s optional premium service, introduced in 2020. It expanded the range of securities and order types available to customers and later became part of a broader paid-plan structure. Following changes to the free tier, paid plans were increasingly positioned around benefits such as lower foreign-exchange charges and higher interest on cash rather than basic access to ISA or SIPP accounts.
Brokerage products · 2018
Equities and ETFs
The platform enables customers to invest in selected UK- and US-listed equities and exchange-traded funds. Freetrade’s consumer proposition emphasises straightforward access and, for selected US securities, fractional ownership. The company generally markets trading without dealing commissions, while foreign-exchange costs apply to non-sterling transactions and other charges may affect the total cost of investing.
Funds and fixed-income products · 2025
Mutual funds and UK government securities
Freetrade expanded its range in late 2025 to include mutual funds and UK government securities such as gilts and Treasury bills. The move broadened the platform beyond listed shares, ETFs and investment trusts. By March 2026, IG reported that Freetrade offered more than 760 mutual funds from around 40 fund managers. These products were subsequently made available on the free tier.
Controversies
2023
Fractional shares and ISA tax concerns
Customers and commentators raised concerns that fractional US shares purchased through Freetrade could be treated differently from eligible whole shares under UK ISA rules, potentially creating unexpected tax exposure.
2022
Sponsored influencer promotions
The FCA ordered the removal of sponsored influencer posts after finding that promotions could mislead consumers by implying that investment returns were assured or that investing was a straightforward way to eliminate debt.
2020
Workplace-culture allegations
Media reporting described former employees’ allegations concerning high staff turnover, excessive working hours, dysfunctional management and abusive communication. The reporting also stated that the design team had resigned at one point.
2020
Regulatory scrutiny of advertising
The FCA identified Freetrade promotions that did not provide a sufficiently fair and prominent indication of investment risks when discussing potential benefits.
Marketing campaigns
- 2020Sixth crowdfunding campaign
United Kingdom
Freetrade conducted another crowdfunding campaign during the pandemic-era expansion of retail investing.
Outcome. The campaign raised £7 million from individual investors.
- 2017Equity crowdfunding campaigns
United Kingdom
Freetrade used repeated equity-crowdfunding campaigns to raise capital directly from individual investors, helping build an early community around its consumer-investing proposition.
Outcome. The campaigns raised more than £10 million between 2017 and 2019 and were followed by a further £7 million raise in May 2020.
Brand decisions
2026
Remove SIPP subscription feesPrice changeBackground
Freetrade continued restructuring its pricing model after adding funds and government securities.
Action taken
The company removed subscription fees for SIPP accounts and made mutual funds and gilts available on the free tier.
Aftermath
Optional paid benefits included lower foreign-exchange fees and higher interest on cash balances.
2025
Accept acquisition by IG GroupM&ABackground
Freetrade’s proposed sale followed years of losses, a lower private-market valuation and a difficult fundraising environment.
Action taken
IG Group agreed to acquire Freetrade for £160 million in cash; completion occurred on 1 April 2025 following regulatory approval.
Aftermath
Freetrade continued as a standalone brand within IG Group. Some early investors criticised the transaction because the consideration was below earlier fundraising and peak valuation levels.
Acquisition consideration. £225 million previous fundraising valuation; approximately £650 million peak valuation → £160 million acquisition price (2021-2025)
2025
Add mutual funds and UK government securitiesProduct launchBackground
Freetrade aimed to expand beyond its original focus on shares and ETFs and provide customers with a broader range of portfolio-building instruments.
Action taken
The platform added mutual funds, gilts and Treasury bills.
Aftermath
By March 2026, IG reported that the platform offered more than 760 mutual funds across approximately 40 fund managers.
2025
Move ISA access to the free tierPrice changeBackground
Freetrade reviewed its subscription structure after becoming part of IG Group and sought to make core tax-advantaged investing more accessible.
Action taken
The company announced that its free plan would include a Stocks and Shares ISA without a subscription charge.
Aftermath
Paid plans increasingly focused on optional benefits rather than basic ISA access.
2024
Acquire Stake’s UK businessM&ABackground
Freetrade sought to strengthen its UK retail-brokerage position and broaden its customer base.
Action taken
The company acquired the UK client base and assets of Australian online broker Stake.
Aftermath
The transaction added UK customers and assets, although the purchase price was not disclosed.
2022
Scale back planned European expansionStrategyBackground
Freetrade had planned expansion into Sweden, Ireland and the Netherlands, but funding conditions and operational priorities became more difficult during the technology-market downturn.
Action taken
The company withdrew from Sweden and did not proceed with the planned Irish and Dutch launches.
Aftermath
Freetrade concentrated its operations on the UK market while working to extend its cash runway.
2022
Reduce workforce to preserve cashStrategyBackground
Freetrade struggled to attract new investors at its targeted valuation amid a broader decline in technology funding.
Action taken
The company raised £30 million from existing investors through a convertible loan note and cut approximately 15% of its staff.
Aftermath
The measures were intended to extend the company’s cash runway while losses and valuation pressure continued.
Recent events
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