Partner just signed as well⦠#497,91#
Brilliant numbers! Freetrade have gone through the ringer lately but hopefully their responses and actions will make alot of these new customers stay.
Today we will hit 500,000.
It should be a great day for freetrade. However, it will pass quietly and without fanfare.
Today is a day that technicians are working round the clock and customer care battle to curb insurmountable tickets.
The champagne can be popped another day.
Elegantly said. This will be a week with a perennial notation on the growth charts in future presentations.
I just looked back at an old pitch deck
End 2021 forecast active customers was 730k
Were not even ouf of Jan yet!
Keyword there is active. Iād think given current market conditions 1m users ā 750k MAU more or less. We should hit that by Oct at the latest. A Fintech out performing their pitch deck projections is absolutely unheard of ⦠To the f***n moon baby
Whatās great about this situation is that FTās competitor T212 completely fumbled it. Their comms, etc have been appauling. Best of all, T212 are not currently taking new registrations so all the potential new users from this gamestop tailwind could be low hanging fruit for FT.
I know, I know, FT are very much in crisis mode right now, but the potential growth is an exciting prospect. Hereās to more +50k user growth days!
the app is in top 10 above revolut in the uk
to the moon
The overall user base is increasing, but it is expected that this field will become more and more crowded as existing players start adding this kind of offering for retail clients.
For example, in the US, on the back of RH sh*itshow, Goldman Sachs are adding share dealing to their retail platform(Marcus) and obviously pitching it as rock solid with the GS infrastructure, expertise and balance sheet behind it.
They could well be doing the same in the UK.
JP Morgan are launching their Chase digital bank imminently in the UK and they could also be looking into share dealing for retail.
I would like to see Freetrade partner in some way with Monzo. Even connect my round ups to go directly to Freetrade
This is absolutely it. Friday felt like a sad day but if they can get a reasonable service on Monday all will be forgiven. Particularly if other brokers stay closed.
If youāre looking for an a banking app with an integrated share dealing service I know oneā¦
Update on Twitter from @adam. Really good stuff, theyāre looking at having a fix in place by US open on Monday.
Love the customer focus and ambition. This is the edge of Freetrade (and startups in general) over existing players.
- Lazy āsuitā in big bank providing FX trading throttles small company with no notice, instead of fixing their own service, because it can and doesnāt care this poses an existential threat in the current market conditions.
- Small and young company works over weekend to find workarounds to ensure a good customer outcome.
LFG !
Let Freetrade Go?
āŖYeah but it shows a lack of quickness on freetrade part as well to not find out how Robinhood was being impacted and stress test a similar model for freetrade and figure out what would need to be the necessary adjustments.You could have stop sign ups and referrals (thatās the easy one), maybe create a cash buffer limit for those with Ā£20,000 cash limit to participate in volatile plus stocks. I think it was naive to think what happen to Robinhood wouldnāt have its knock on effects here in the UK. Iām not going to go too hard since freetrade is still on its journey but these kind of things will keep happening until new regulations are implemented. This will be a difficult learning curve for sure but Iām optimistic.
Lol you two. I reckon you should have a charity boxing match when this COVID malarkey is all over - revolution vs monzo for the titleā¦!
Off topic. Does anyone know how to add an investor badge to my profile. I invested in the last crowdcube round ? Is that R6 ?
Pre squeeze mania the app was already doing thousands of users a day⦠it must be above half a million by now?