As the CEO said, Freetrade will not lend its customers’ deposits and gain interest like Robinhood.
Hence most of the revenue is assumed to come from ISAs / SIPPs and Alpha subscription.
According to Viktor’s estimate, Freetrade envisages 100,000 customers by the end of the year. Even if half of them will be recurring Alpha subscribers, that is £8.33 of revenue per head post-VAT (£6.94 pm if annual) + £2.5 for ISA for non-Alpha post-VAT. Very roughly half a million per month, which may cover overheads and allow continuous growth at a fast pace.
There still seems to be plenty of room for additional features if income stream will not be sufficient with Alpha only.