Freetrade Ceases Its Swedish Market Activities
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Stock trading app Freetrade announced that it will leave the Swedish market and concentrate only on its business in the UK. The company intends to tell its customers on Friday that it is ending its operations in Sweden, the only foreign market it was in.
The announcement comes after the company experienced its first profitable half-year in its six-year history. Insiders within the company said it saw its income increase by 35% compared to the first half of 2023. It also reduced expenses by £2.5 million during this time.
Freetrade is Focusing On Cash Flow And Market Expansion
Freetrade’s most recent round of fundraising was over a year ago, and it is now focusing on becoming sustainable to finance its growth. The business, which saw co-founder Adam Dodds resign earlier this year, has investors such as Molten Ventures and L Catterton.
Viktor Nebehaj, the Chief Executive and Co-Founder of Freetrade, stated that after much thought, they believed it was wiser to concentrate their resources on expanding their share in the UK’s self-directed investment market.
Viktor added that he has resolved to keep the team aligned with projects that would significantly enhance shareholder value. He pointed out that Freetrade was in the best financial shape it had ever been. He underscored the necessity of concentrating on their main market and the tremendous growth opportunities it presented.
Freetrade’s Revenue Increased To £21.6 Million In 2023
Freetrade stated that it had reached breakeven earlier this year, signifying its first venture into profitability following the full-year losses it sustained in 2023.
Freetrade reported a change in earnings before tax, depreciation, interest, and refunds of £100,000 which amounts to $124,863 in the first quarter of the year 2024. The unauthorized financial statements stated that the early revenues generated amounted to 6.7 million Euros in the quarter.
The Chief Executive Officer and Founder of Freetrade said,” A huge loss of £8.3 million was incurred by Freetrade in 2023, apart from the £28.8 million loss it had the previous year. It incurred a revenue that rose to £21.6 million last year making a total of 45% from 2022. Overcoming hard market outcomes, it brought forth healthy returns in 2023, reducing its loss unexpectedly in 2022.
Freetrade’s crowdfunding investors will be pleased with this development. They have been looking for an update on the company’s efforts to achieve profitability after going through a tough financial period.
