Freetrade Obliterates £1m Crowdfunding Target Using Crowdcube
The Company Ended the First Day of their Crowdfunding Round with £5m Raised
Yesterday started as a typical day for me; I woke up, took my dog out for her morning walk, had breakfast, edited an article I had some feedback from and then out of the blue, a reminder lit up my phone.
“Freetrade Early Access Crowdfunding.”
I had set up the reminder a few days prior when I had a notification from Freetrade informing me, as a member, I’d have early access to the crowdfunding campaign hosted by Crowdcube.
I finished up my edits for this article and hopped over to Crowdcube to check out the campaign. I was already familiar with Crowdcube since Monzo used them in their crowdfunding campaigns too (of which I regrettably could only afford to buy one share at the time — I was in some dire straits).
When I saw the campaign page, I almost spit out my coffee. By the time I got there, they had not only already surpassed their target of £1 million; they had more than doubled it. As it stands at the time of writing, they have currently raised just over £5.5m ($6.7 U.S in the current exchange rate).
I quickly signed into my Crowdcube account and bought some shares (this time I could afford 10 — I know right, high roller over here).
They still have 28 days left on their campaign, so I’ll be keeping a watchful eye on updates Freetrade provides as well as checking out their final figures. So far they offered an update after surpassing £5m by announcing the introduction of a new board member in Perry Blacher:
“Perry Blacher is a serial fintech entrepreneur turned VC. Most notably he founded Covestor, one of the first robo-advisors in the world. He’s joining Freetrade as a non-executive director (NED), with a view to becoming chairman at a later date.”
What is Freetrade?
I don’t want to go too in-depth in this post, as I plan to do a deep dive on them in the coming weeks as part of a series of Fintech deep dives.
But in their words:
“Freetrade is an award-winning, commission-free investing app.
Our mission is to get everyone investing by making it simple and commission-free, with a stockbroker you can trust.”
They are an authorised and regulated financial services company as well as being a member of the London Stock Exchange. They started in 2015 when one of their founders, Adam Dodds, relocated here from Canada and realised how crappy our investment platforms generally are here.
The app itself is pretty sleek, and I’ve had a lot of fun window shopping for shares and micro-investing my spare change. As I said, I’ll go more into depth about Freetrade as a rising star in Fintech as well as a review of their app now that I’ve been a customer since late 2019.
That’s all for now; stay tuned for updates!
Originally published on www.fintechcentral.co.uk