Commission-free brokerage Freetrade announced its expansion beyond its UK base into other European Union countries.
Per the press release shared with Finance Magnates, the stockbroker onboarded its first 100 early beta testers from two EU countries – the Netherlands and Ireland – under its new flagship brokerage platform, Invest by Freetrade.
The company has also received access requests from “tens of thousands” of clients from the two European countries, all of whom have been put on a waitlist.
Commenting on the development, Adam Dodds, founder and CEO of Freetrade, said: “We’re extremely proud to have brought commission-free trading to over 90,000 customers in the UK. Now it’s Europe’s turn.”
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Disrupting the brokerage industry
Freetrade’s primary clients are millennials due to the platform’s strategy of marketing its product without any trading fees. The company is following a business model similar to that of Revolut and Robinhood, which forced giants like TD Ameritrade, Charles Schwab, and Interactive Brokers to jump into the zero-fee arena.
“The EU is a market of over 100 million millennials. There’s a huge opportunity for us to get everyone investing on the continent with our low fees and state of the art technology. The fact that tens of thousands of investors in the EU have signed up to join our app also shows there is a big demand for our commission-free offering,” Dodds added.
After gaining a foothold in the UK market, Freetrade has already been making plans for an expansion in the other European countries since last year. As mentioned in the announcement, the brokerage will add more customers in batches as it expands its geographical reach to more countries in the European Economic Area (EEA) over the coming months.
Meanwhile, the company closed a $15 million Series A funding round last year, which was led by pan-European venture capital firm Draper Esprit.