Exclusive: Molten Ventures’ Stuart Chapman joins Freetrade board
FNG Exclusive… FNG has learned that Stuart Chapman, a fairly well known UK venture capitalist as Managing Partner of Molten Ventures, has joined the board of neobroker Freetrade (freetrade.io).
Molten Ventures is an investor in Freetrade, leading its last funding round of £30 million in May 2022 alongside other investors including Left Lane Capital, L Catterton, the Phoenix, and Capricorn Capital Group.
Freetrade posted Revenues of £12.7 million but a net loss of £17.1 million in 2021, with the loss coming due to a large growth in headcount as the company made significant investments in its Product and Engineering functions to drive the development of Freetrade’s investment app. To drive expansion into new markets Freetrade also increased its marketing spend.
Freetrade is an app-based stockbroker, providing an execution-only trading platform to retail customers. Customers are able to purchase instruments listed on exchanges in the United Kingdom, United States and Europe, and hold these in either a General Investment Account (GIA), a Stocks and Shares Individual Savings Account (ISA) or a Self-Invested Personal Pension (SIPP).