Freetrade, the stock trading app set up to rival the likes of Hargreaves Lansdown, is to pull out of the Swedish market and focus its business solely on the UK.
Sky News understands that Freetrade, which has about 750,000 customers in Britain, plans to inform customers on Friday that it is winding down operations in its only overseas market.
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The news will come in the wake of the first profitable half-year in the company’s six-year history.
Co-founder Adam Dodds stepped down earlier this year. Pic: Freetrade
Company insiders said it had seen revenue growth of 35% compared to the first six months of 2023, while also cutting costs by £2.5m in the period.
Freetrade last raised funding over a year ago, and is now targeting being cashflow positive on a sustainable basis in order to fund its own growth.
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The company, whose co-founder, Adam Dodds, stepped down earlier this year, counts Molten Ventures and L Catterton among its investors.
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Responding to an enquiry from Sky News, Viktor Nebehaj, chief executive and co-founder, said: “After careful consideration, we felt that it was best to focus our resources on growing our market share in the UK’s self-directed investment market.
“As CEO, I am determined to maintain our team’s focus on executing projects that will drive significant shareholder value.
“Right now, Freetrade is in its strongest financial position in its history.
“It’s more important than ever that we focus on our core market and its enormous growth prospects.”