Commission-free stockbroking app Freetrade has raised £4.5 million from more than 5000 people in just four hours, using crowdfunding platform Crowdcube.
UK-based Freetrade says it has seen massive growth in the last 12 months, with customer numbers nearly doubling to 150,000 since the start of the year.
Like Robinhood on the other side of the pond, the firm also seems to be benefiting from the economic turmoil caused by the Covid-19 pandemic, with trading volumes doubling through February and March.
The startup says it plans to secure more investment and hit a £7 million funding goal as it continues to push for growth.
Adam Dodds, CEO, Freetrade, says: “Crowdfunding has played an integral part in our growth since day one.
“Along with funding, it has brought us a loyal community that has been vital in spreading the word about Freetrade. This latest round will help us build on the tremendous success we’ve had over the past couple of months, as we expand and develop new products.”