Freetrade co-founder Adam Dodds is stepping down as CEO of the UK trading app to be replaced by COO Viktor Nebehaj.
Dodds, Nebehaj and Davide Fioranell founded Britain's answer to Robinhood in 2016. The platform now provides commission-free trading and investing to more than 1.5 million users.
Dodds hands over the reins, with immediate effect, shortly after the company hit profitability in the first quarter and as it prepares to offer new products, including UK Treasury bills in tax wrappers.
However, Freetrade has also faced headwinds, slashing its value last summer by 65% from a high of £650 million to £225 million, blaming the broader economic climate. The previous year it laid off 15% of its 300 staff in an effort to preserve its cash runway.
Says Dodds: "I’ve spent nearly a decade of my life building Freetrade from an idea into a profitable and growing business. With Freetrade positioned for its next phase of growth, it’s time for a change in leadership."
Adds Nebehaj: "As founder, Adam willed Freetrade into existence, but it’s natural that different stages of a company’s growth require different leaders. With our first profitable quarter behind us, I’m excited about the size of the opportunity ahead."