From CNBC: 2024-04-15 07:02:11

Freetrade, a British stock trading app, achieved breakeven for the first time in the first quarter of 2024, with £100,000 in adjusted EBITDA and £6.7 million in revenue. The company also reduced its 2023 losses to £8.3 million from £28.8 million the year before, with revenues increasing to £21.6 million.

Investors in Freetrade crowdfunding rounds saw the company’s valuation drop to £225 million from £650 million in 2023 but are optimistic about the path to profitability. With net inflows reaching £130 million and assets under administration totaling £1.8 billion in Q1, Freetrade is gearing up for product developments and the launch of a web platform.

Freetrade’s CEO, Adam Dodds, remains unfazed by competition from the likes of Robinhood, stating that more options benefit retail customers. The company’s first-quarter success was driven by higher trading volumes, growing retail investor participation, and increased interest in crypto-correlated stocks like Coinbase, MicroStrategy, and Marathon Digital.

Read more: Freetrade, Britain’s answer to Robinhood, hits breakeven