Freetrade, a London, UK-based mobile app designed to give users access to global stocks, raised £1.1m through a crowdfunding campaign on Crowdcube.
There are currently over 6,000 people on the waiting list ahead of the full product launch later in 2017 and will be available on iOS, with an Android app to follow later in the year.
This new crowdfunding campaign follows on from a Crowdcube Seed Enterprise Investment Scheme (SEIS) raise in July 2016, where Freetrade was 170% overfunded within 12 days. Since this first crowdfund, the company developed the app and currently has Financial Conduct Authority (FCA) regulatory permissions in place.
Launched in 2016 by Davide Fioranelli, Adam Dodds (who met while working on the KPMG Financial Services M&A team in London) and Andre Mohamed (a software engineer building trading platforms for global banks) to specifically target the 13.8 million millennials in the UK, Freetrade takes away stock market entry barriers, by charging no commission on basic accounts, nor demands an account minimum and members will only pay for premium services.
It also offers fractional shares & access to global stocks, unlike U.S. competitors like Robinhood & has 6,000 waiting list of members already.