IG Group to acquire Freetrade for £160M
Electronic trading major IG Group Holdings plc (LON:IGG) today announced the acquisition of Freetrade for £160 million.
Electronic trading major IG Group Holdings plc (LON:IGG) today announced the acquisition of Freetrade for £160 million.
Davide Fioranelli co-founded the UK-based neobroker Freetrade alongside Adam Dodds in 2015, but left in 2021.
Freetrade’s 2023 (12-month) Revenues were £21.6 million, up 45% from £14.9 million in calendar 2022.
Stake launched services for UK clients in 2020, but has decided to focus primarily on its Australia and New Zealand operations.
Adam Dodds has been the only CEO Freetrade has known since co-founding the company in 2016.
Jordan Sinclair spent the past two years as Managing Director – Europe for UK based neobroker Freetrade.
Freetrade is an app-based stockbroker, providing an execution-only trading platform to retail customers.
Freetrade said that this round is all about “doubling down” on its growth by upping its investment in UK customer acquisition.
Molten Ventures is an investor in Freetrade, investing in its last funding round of £30 million in May 2022.
Freetrade recently raised an additional £30 million in funding, in the form of a convertible loan.