I’m a close follower of Monzo & it’s been great to see their user growth (the classic ‘up & to the right’ shape) so it was cool to see this graph (of potential users, for now, from the waiting list - which doesn’t look too bad either!), in Freetrade’s blog post today -
Hopefully Freetrade will carry on sharing this data so I figured I’d create this topic, in case anyone else is interested in keeping track of this too
I’m glad someone appreciates this. We’ll continue to be sharing these data points transparently!
Indeed, if the parabolic shape will continue, round 3 should boost it to 100,000 as per @Viktor’s estimation!
Isn’t it a misnomer to call this “user” growth given most aren’t users yet?
This is more akin to Tesla’s reservation list of pre-orders for the Model 3, except in this case no deposit is required to claim a spot on the waiting list.
It’s decent indicator of demand but expressions of interest are different from users, given the app is unreleased.
I agree, ‘user’ is not the best terminology. We usually call it ‘community’ as a lot of these people are very engaged, give us feedback, feature ideas, etc.
A footnote explaining this would be a transparent addition then, particularly if this graph is going to be used in the Crowdfunding pitch material.
My bad, you’re right, I’ve updated my original post to acknowledge that. I’ll leave the topic’s title as it is though as soon that’s what we’ll be keeping track of here.
Just checked the pitch deck, we call it ‘community’.
Still, good shout.
It looks like Freetrade’s going to show us our user numbers
I was late to the party with Monzo but I hope I make it into the first 100 this time around
We have an onboarded user base of one indeed.
If there’s excitement about having low user numbers, I expect there will be interest in stock-performance related leaderboards and so on. But caution: we should measure ourselves against our own goals , not against other users (Er, unless beating @Viktor is your actual goal, in which case…)
 goal setting would be a useful feature.
7 posts were merged into an existing topic: Freetrade Gamification
Any news on the rollout plans, now that your fundraise is destined to be a huge success (congratulations on that by the way)?
Request access to the investor deck on CC; it will answer this question and more:
I’m not sure it does. I was asking when they are planning to start the rollout in the immediate future, not what their plans are on a timescale of years. So far they have 1 user on board, hope to see that ramp up quickly.
It has projections of accounts/users for this year 2018 onwards, but I understand where you’re coming from now buddy.
Edit: the latest is they’re on boarding in batches of 100, starting with the prior 1200 R1/R2 Investors before the 30,000+ on the waiting list.
@Viktor any crafty ideas to boost customer growth rates when the time comes, aside from referrals, press and Freetrade apparel?
We think about growth a bit broader than individual tactics and ideas. Growth is something we’ve configured for from the start with fundamentals e.g. FCA authorisation, becoming a member firm of the London Stock Exchange, etc. As a result, we smashed our Crowdcube round. Eyeballing the data, I think the mode investment is probably £2,000, which shows a lot of people have very strong conviction about Freetrade. And we are not talking about VC types or high net worth individuals. It’s future customers like yourself making big bets on us. It’s humbling.
We’ll amplify the tactics that work well, e.g. referrals, potentially implementing new ideas like queue jump tickets. We’ll continue to not invest into paid channels where we don’t see the economics setting us up for long-term, high-quality growth right now. But we are not dogmatic. In any case, we’ll continue to spend a tiny fraction of what other companies do on lead acquisition.
One of our priorities is hiring, which will set us up for even more growth and execution! Watch this space for more updates in the coming weeks. I’m super energised by what’s coming in the next few months!!
Props for what it’s worth, couldn’t imagine the business being in a stronger position to grow and attract new talent at such an early stage.
I suppose it’s the prospect of the new, viral growth ideas specific to the Freetrade model I was pondering over. Seen some great ideas over the years in other sectors. Freetrade aside I personally haven’t seen anything properly innovative specific to the wealth space.
I’m sure a few hoodies would go a long way next time you’re getting the whiteboard out!