Fantastic news!
I could add about 0.00003 billion to that figure if they had a LISA product and accepted transfers from AJ Hell!
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That’s not bad, so probably ~£100m of inflows in Q2
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In the years you have suffered under ‘AJ Hell’, you could have transferred your LISA to HL - there appears to be very limited decent options for S&S LISAs, which suggests it’s a niche product.
Check out Martin Lewis’ best buys for LISAs:
And that’s it! There are other ones (Nutmeg and Moneybox) but the fees are higher and the investments limited.
We have no idea when Freetrade will have their LISA ready so perhaps time to consider transferring to HL and ending your LISA suffering?
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Moneybox received over £1bn of new inflow in q2
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This is great news! Still a fair bit behind the big boys but defo in the right direction
I don’t mean to ruin the party but a lot of this will be because the markets have been on a tear so far this year. Would be interesting to get the net inflow data.
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I originally thought this:
As they hit £1.8b AUA at the end of Q1. Markets are up ~5-6% since then which would give ~£1.9b, implying ~£100m of inflows.
However FT’s darlings/memestocks (TSLA, GME, AMC, NVDA, GGP etc…) have grown much more so inflows are likely quite a bit lower than that.
For example Tesla (almost certainly the #1 stock here) is up 50% so if FT collectively held £100m of that it would give £50m alone.
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I also imagine there might be natural outflows as well due to various reasons (cost of living, natural outflows, moving to other providers, etc.) so inflows might be covering for that as well.
Yes, Nvidia is up 165% alone, there is also the payment of dividends to take into consideration.
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Wow, thanks for sharing. That’s a huge shift in the growth plans. Interesting to see companies like Moneybox growth when you have a product that appeals to such a wide user base exclusively in the UK market. Hopefully Freetrade get more creative with what they can offer…
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In what way do they need to get more creative?
On the down side, that’s a real shame.
On the plus side, this was obviously a huge decision and it’s been communicated out to all Freetrade shareholders in an email just now. I’ve got applaud the new CEO for making such a big and bold decision and for ensuring that it was communicated out so well to the Freetrade community.
Obviously my thoughts are for those who may be losing their jobs on the back of this. I hope the experience they’ve had leads to them being attractive hires for other fintechs out there.
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The Series B investors had 2 goals:
- international expansion
- crypto…
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This is a good move on one side, while there are still some features missing:
- better graph
- live share price
- extended hours trading
I hope FT will implement the above and return to EU market in a while with a better product
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Similar to Monzo, founder CEO need to step down and take more of a ‘presidential’ role and have a new CEO with more experience to take Freetrade through the new phase of expansion.
No shame in Viktor to step down and let someone with more wider industry experience at the helm. That’s my 2¢ at least.
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Makes sense to be ruthless and prioritise given funding is tight etc. should have gone hell for leather when funding was easy.
Now it needs to be about execution to take market share - if rates start dropping then the market is there to generate returns
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The first place to seek market leadership is in your own backyard., so it’s a very wise decision in my opinion. I’ve always thought they should focus solely on the UK, at least initially.
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