I have no idea why a ‘delay in creating the group corporate structure’ resulted in a partial conversion or why FT failed to act in a timely manner to ensure something like this wouldn’t happen. Just sounds like a massive balls up to me - I’m sure it will be spun otherwise…
It’s a big shame that they keep missing EU launch targets, as it would have given investors some confidence they can execute ahead of this upcoming raise. Instead I think this will be the 5th crowdfunding round in a row which will state something along the lines of “funds to be used for our EU launch”.
I hope @acamp and the team know that without some positive news or updates, this round will not be successful.
Personally if I am to invest further, I would like to see:
How close Freetrade are to profitability and how will you close that gap
Clear and concise strategy to rollout in the EU with low marketing spend
An update on attaining a crypto license from FCA
I want to see a vision for how the product will look in the UK in 1/2/3 years (and it better include statements, PMT levy, LISA, JISA etc )
What has changed to ensure you won’t miss all your targets, again.
Times have changed from last year, where those minimal effort slides and a cool video brought in serious money.
(This post will probably get flagged again, but I hope the cheerleaders take this in the constructive manner it was meant)
I’ve been complaining for years about the slow progress,I honestly think that certain people at the very top should just take their money and go and let more able people take over.it’s been delay after delay after delay and I’m not just talking about Brexit or Covid,it was like this BEFORE they came along. Shane from Ireland eventually just gave up,never to be heard of again??
Hey @hookedinvesting, relevant updates will be in the pitch deck if appropriate or you can ask questions in the upcoming events or discussion forums.
Something I’d like to clarify, which doesn’t seem to have caught on, we are active in Sweden, and we are taking on customers from the waitlist. The status of Sweden very similar to what we did in late 2018 in the UK.
We are deliberately not onboarding everyone, and in fact, we throttle the intake of customers as much as we can.
We are working on specific features and products for them, similar to how we shipped the local deposit solution Swish for instantaneous funding a few months ago.
I don’t fully understand the low marketing spend point - about all non-UK European markets are less competitive than the UK, some of them dramatically so, so that’s a given. In some markets we’ll invest more than others, dependent on revenue potential / payback.
You’ll be happy to hear that a bunch of engineers are working on statements and all the other features you mention (and a few more) we identified as priorities and part of the roadmap at various times.
Hopefully see you or talk more during the campaign!