23rd Mar 2021 06:58
(Alliance News) - Commission-free retail investment platform Freetrade has raised around GBP50 million in funds from a syndicate of investors in its largest fundraising to date, Sky News reported Monday.
According to sources, the funding round comprised of GBP35 million raised through the issue of new shares, while the remainder was through sales made by existing Freetrade investors.
Sky reported that the funding round was led by US-based internet-focused investor Left Lane Capital LLC, and including private equity firm L Catteron, which is associated with French luxury goods firm LMVH Moet Hennessey Louis Vuitton SE.
London-based Freetrade operates by charging monthly subscription fees for the use of a premium account, stocks & shares ISA and a self-invested personal pension.
In 2019, investor Draper Esprit PLC had invested GBP7.0 million into Freetrade, as part of a USD15.0 million series A funding round.
Sky reported that Freetrade now has around 600,000 customers, and has exceeded GBP1 billion in quarterly trading volumes.
https://news.sky.com/story/investment-platform-freetrade-raises-50m-as-homebound-customers-fuel-revenue-surge-12253897
By Dayo Laniyan; [email protected]
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