Hi everyone. We’re pleased to let you know about our latest funding round. We’ve raised £30m from existing and new investors. We raised this capital following a period of strong performance for the business amid volatile equity markets.
The money strengthens our balance sheet and provides us with the firepower to continue to develop our product and meet the needs of our customers in the UK and Europe. With this new capital, we’re excited to accelerate our plans.
You can check out more details in our blog and the Financial Times which has just published an article about the news, including an interview with Adam.
If I have read correctly regarding convertibles I imagine the conversion will probably be at a lower price than the latest share price, giving the issuer a nice profit (in addition to the interest on the loan).
I am more than happy to lend a couple grand as a convertible loan …
Does a potential recession help Freetrade upskill in recruiting quality engineers over the next two or so years? Now well capitalised and the entitled position of software engineers may start to fade if employers are back in the positon of power. A number of start ups will fail, company layoffs and employees will look for job certainty. I’m not personally in this space, but could be a silver lining if the economy tanks
Well done @adam glad to hear we are still on the road.
I was beginning to worry for my investment!
@Coolsmp@stephen this was a lifeboat as capital money has dried up. I expect terms are 50% off share price. Adam eluded to how hard it has been to raise money right now and how firms valuations have tanked. We were on the final months of runway with no idea how bad the markets will yet be so literally anything was going to be acceptable.