Which is the date of the event ? Any news ?
Been and gone
Except a ton truck of stocks & features have been locked behind a paywall now vs other platforms which donāt do this. Freetrade has now for a long time been one of the least free platforms of all the free platforms, which is ironic in both name and original mission.
Donāt get me wrong, it was great at first and I loved it enough to back it, but I fell out of love it with it a long time ago, regret having invested in and barely touch it now. I would also like to be able to exit as an investor without making a loss especially as my money would have and very likely still will fare better elsewhere.
You should have sold at Ā£3.77 in 2021 through Crowdcube secondary
The Crowdcube secondary market (aka Cubex) never existed. It was a fugazi, like fairy dust.
Heās not referring to the CC secondary market.
There was a secondary offer from the VC in the Ā£3.77 round to buy our shares. This was orchestrated by CC.
Ahhhhh fuuuugaaaaziiii
Was there more colour provided on why Freetrade is pulling out of Sweden (and, with that, the EEA as a whole)? I donāt see anyone really discussing the topic here, but I believe Alex mentioned that it would be covered in the investor call.
In a nutshell, the resources can be better used to expand the Freetrade product, add more features. Itās better to go at the UK market with more resources than dilute the budget across a wider geographic area and let the product development fall behind.
I think itās proven to be the correct strategy given the rate that theyāve been belting out new features this year under the new CEO.
Iām not so sure the EU is great value for money.
From experience with wifes family and our friends from her home country. They dont seem to have the same obsession with investing. I also dont see the same amount of adverts for trading platforms.
ā¦burning runway like a drunken sailor thanks to āfree-flowing all you can spendā VC money is so 2019-21. Indeed, āblitz scalingā is out and profitability is in. Thus, FT need to focus their spending on features/functionalities to increase the value offering as higher AUA customers will move for this; not for spraying and praying feel-good adverts.
Leaving this here, since this thread was the last one on the topic :
Ā£4.4 B trading volume as 6/12/2024
Ā£3.0 m revenue with 0.7 m profit as 11/2024
Ā£535m retail orders for treasure bills
I wish theyād post these updates here too. Some of us have made a conscious decision not to be on President Muskās site.
Grumbling aside, this is all fantastic news! Well done @Viktor and the whole team
Hear, hear.
It would also be nice to have these emailed to shareholders, you know they shoulders on which the current business stands. @Viktor @acamp
This is easily the best update that Freetrade has EVER released
Can someone tell me the valuation of Freetrade IF they have an annual profit ofĀ£8.4 million.
Thank you
LONDON - Molten Ventures Plc (LSE: GROW, Euronext, a prominent European venture capital firm, has revised its expected proceeds from the exit of its investment in Freetrade, a commission-free investment platform. The company now anticipates earnings of Ā£20.4 million from the sale, a decrease from the previously forecasted Ā£22.7 million. Despite the adjustment, this figure represents a 17% increase over the Ā£17 million holding value as of September 30, 2024, and a 1.5 times return on invested capital.
Freetrade has agreed to be acquired by IG Group (LSE: IGG), a FTSE 250 entity known for its online trading platforms and educational resources worldwide. Molten Ventures first backed Freetrade in its Series A round in 2019. The transaction is pending regulatory approval, with the proceeds expected to be received in mid-2025.
Wow.
Do we interpret this as profit of Ā£0.7m in single month of November? If so, can we reasonably expect annual run rate of Ā£8.4mā¦.or is that reading too much into this?
Thatās an unaudited profit figure for the month.
We wouldnāt annualise monthly figures given revenues related to trading can be volatile depending on market conditions.
Thanks Alex for your speedy response. Understood on volatility - presumably seasonality variations can have a major impact - but on the face of it excellent news for the investors. Keep up the good work!