- Left Lane Capital, a New York-based growth equity firm, led the round.
- Fundraise follows a period of exceptional growth, with Freetrade now serving over 600,000 users in the UK.
- Funds will be used to supercharge Freetrade's European expansion and product development.
LONDON, March 23, 2021 /PRNewswire/ -- Freetrade, the investment platform that is on a mission to get everyone investing, announces that it has raised a Series B round of $69m. This fundraising follows a period of significant growth that saw customer numbers hit 600,000, quarterly trade volumes exceed £1bn, and the opening of offices in Sweden and Australia.
Left Lane Capital, a growth equity firm focused on consumer internet and technology businesses, led the round. The Growth Fund of L Catterton, the largest global consumer-focused private equity firm, and LSE-listed VC, Draper Esprit, also participated. These funds join Freetrade's existing shareholder register, which includes over 13,000 individual investors. The funds will accelerate Freetrade's growth in international markets and allow the team to scale its product.
Freetrade's proprietary brokerage technology offers retail investors access to global stock markets. Freetrade is making investing more accessible to millions of people who could not justify paying high commissions. Freetrade's goal is to help its customers achieve better financial outcomes through low costs and a strong emphasis on educating new and experienced investors about the benefits of developing long-term investing habits.
The round includes primary and secondary investments. Final completion of the round is subject to FCA approval.
Freetrade Founder and CEO, Adam Dodds, said: "This is a transformational investment that will supercharge our mission to get everyone investing. It's painful to see millions of investors across Europe stuck paying high fees and bogged down by complex terms and conditions. The costs of offering essential services like share dealing are simply not justifiable and erode valuable returns. Everyone already invests their time and their money on a daily basis, but there is so much more that millions can be doing to get the most out of their money. We are committed to helping everyone to achieve better financial outcomes."
Harley Miller, Managing Partner of Left Lane Capital, said: "We are honored to partner with Freetrade as they embark on this next chapter of growth, and continue to make investing more accessible for everyone in the UK and Europe. Left Lane has a strong philosophical alignment with management on doing right by the customer, something that is rare in the fintech ecosystem. This sentiment is further corroborated by the robust and loyal community that Freetrade has cultivated over the years, which we found to be fundamentally unique - a true byproduct of instilling trust and integrity in their platform."
Michael Mitterlehner, Partner, L Catterton, said: "As the financial technology industry grows and evolves, Freetrade has differentiated itself as a trusted, commission-free platform that makes the stock market accessible to everyone. We're excited to partner with them and leverage our deep knowledge and significant experience in consumer-focused technology to bring it to new heights. Since 2018, Freetrade has amassed a broad and loyal following, and we're delighted to support the Company's continued expansion."
Will Turner, Managing Partner, Draper Esprit, said: "We have seen the impact investment platforms can have on public markets in the last 12 months, but we are proud that Freetrade remained focused on acting in the interests of its customers – everyday investors. We continue to believe in democratising access to the markets and are delighted to welcome Left Lane Capital and L Catterton to the journey, as we fuel the continued explosive growth of Freetrade."
Freetrade is an award-winning investment platform that's designed to get everyone investing. Launched in 2018, Freetrade has brought low-cost investing to over 600,000 users, becoming one of the largest retail brokers in the UK. Freetrade is built for long-term investors, prioritising education, clear and simple pricing, and putting its customers first.
For more information, visit: http://freetrade.io
About Left Lane Capital
Left Lane Capital is a New York-based 'breakout' growth equity firm, with deep expertise in fintech and a longstanding track record investing into the European technology ecosystem. The firm invests predominantly in high-growth internet & consumer technology companies that build enduring relationships with customers. Left Lane Capital's mission is to partner with extraordinary entrepreneurs creating category-defining businesses that are fundamental to the human condition and spirit.
For more information, visit: https://www.leftlanecap.com
About L Catterton
With over $25 billion of equity capital across its fund strategies and 18 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton's team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands.
For more information about L Catterton, visit: http://www.lcatterton.com
Freetrade does not provide investment advice and individual investors should make their own decisions or seek independent advice. The value of investments can go up as well as down and you may receive back less than your original investment. Freetrade is a trading name of Freetrade Limited, which is a member firm of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales (no. 09797821).