Stock trading app Freetrade to withdraw from Swedish market

Freetrade, a stock trading app that aims to compete with the likes of Hargreaves Lansdown, is set to withdraw from the Swedish market and focus its operations solely on the UK.

Freetrade, which has around 750,000 customers in the UK, plans to inform clients on Friday that it is ending trading in its only overseas market, Sky News reported.

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The announcement comes after the company recorded a profit for the first time in its six-year history.

Revenues rose 35% compared with the first six months of 2023, while costs fell by £2.5m during the period, according to company insiders.

Freetrade last raised funding over a year ago and is now looking to become sustainably cash flow positive to fund its growth.

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The company, whose co-founder Adam Dodds resigned earlier this year, counts Molten Ventures and L Catterton among its investors.

In response to a Sky News query, Viktor Nebehaj, CEO and co-founder, said: “After careful consideration, we decided it would be best to focus our resources on growing our market share in UK self-directed investing.

“As CEO, I am committed to ensuring our team focuses on delivering projects that will deliver significant shareholder value.

“Freetrade is currently in the strongest financial position in its history.

“It is more important than ever that we focus on our core market and its enormous growth prospects.”