UK newspaper The Telegraph is reporting that online neobroker Freetrade is about to launch a crowdfunding round, to help shore up the company’s finances.

Freetrade reported what it called its best revenue quarter yet in Q1’23 at £4.7m of revenue, however the company is still losing money, with Q1’23 at a -£3.32m EBITDA loss). For all of 2002 Freetrade had revenue of £14.9m, and a -£28.7m EBITDA loss. The company is reporting having £1.2b in client assets, with 87K subscribers.

Freetrade said that this round is all about “doubling down” on its growth by upping its investment in UK customer acquisition again, while expanding in Europe as well.

While not stating yet how much it will raise – a Crowdcube page shows an early access page which Freetrade says will go live on June 19 – The Telegraph stated that the planned valuation for the raise is £225 million, or about 65% below Freetrade’s previous valuation of £650 million when it raised capital in late 2021 and again in mid 2022.

Freetrade launched in the UK in 2019, and this year has added services in Sweden. The company is backed by Molten Ventures and Left Lane.