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Home»Finance»British trading app Freetrade says CEO Adam Dodds to step down
Finance

British trading app Freetrade says CEO Adam Dodds to step down

May 13, 2024No Comments4 Mins Read
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British trading app Freetrade says CEO Adam Dodds to step down
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Adam Dodd, co-founder of wealth know-how app Freetrade, is stepping down as CEO.

Freetrade

LONDON — The boss of U.Ok. inventory buying and selling service Freetrade is stepping down and leaving the corporate with instant impact, the corporate informed CNBC completely Monday.

Adam Dodds, who co-founded the corporate with enterprise companions Davide Fioranell and Viktor Nebehaj in 2016, will likely be changed by Nebehaj, presently Freetrade’s chief working officer, as CEO, pending customary regulatory approvals.

Dodds stays the most important particular person shareholder in Freetrade, proudly owning a roughly 12% stake, in response to firm filings. He will not be concerned within the day-to-day operations of the corporate from now, nevertheless a Freetrade spokesperson mentioned he’ll proceed to assist the corporate’s evolution from the “outdoors.”

‘We virtually died so many instances it is onerous to depend’

Dodds felt it was the correct resolution to go away the corporate and have Nebehaj take the reins because it enters the subsequent stage of its development trajectory, which incorporates plans to push out new merchandise together with bonds and mutual funds, tax wrappers, and its internet platform, in addition to develop its core worthwhile U.Ok. userbase.

The Freetrade brand on a smartphone display.

Rafael Henrique | Sopa Photos | Lightrocket | Getty Photos

“When reflecting on the journey from thought to over one million customers with billions in property, it is getting via the robust instances you bear in mind probably the most,” Dodds mentioned in feedback shared with CNBC. “We virtually died so many instances it is onerous to depend.”

“Now, after placing up our first worthwhile quarter and with the enterprise on a robust sustainable footing, it is time to dangle up my skates. Freetrade is default alive and able to tackle the incumbent platforms within the UK with self-sustaining development,” Dodds mentioned.

Dodds added: “I am very blissful to say Viktor will likely be stepping as much as take over the helm as CEO. I will be doing every part I can to assist him and the corporate from the board. As for me I am wanting ahead to attending to know my children higher, annoying my spouse on the farm, and at last getting my pilot license.”

Nebehaj, Freetrade’s incoming CEO, applauded Dodds’ eight-year run as CEO and mentioned that “it is pure that totally different phases of an organization’s development require totally different leaders.”

“With our first worthwhile quarter behind us, I am excited in regards to the measurement of the chance forward,” Nebehaj mentioned in an announcement. “Our proficient and high-quality crew is constructing the correct product for our clients.”

Perry Blacher, Freetrade’s board chairman, mentioned that Nebehaj “is ideally positioned to guide Freetrade from power to power.”

Wild few years

Dodds’ departure follows a wild trip for the corporate lately. Dodds took Freetrade from a scrappy startup within the early days in search of to disrupt the world of wealth administration, to a 150-person firm with over 1.4 million customers.

In 2020, Freetrade was onboarding 1000’s of customers a day as retail buying and selling exercise boomed within the wake of the GameStop stock-trading saga, which noticed a neighborhood of hardcore followers of the U.S. online game retailer drive up the worth of the corporate’s share value.

Extra not too long ago, it has been pressured to tighten its belt as the fact of a gloomier macroeconomic surroundings set in. In 2022, Freetrade introduced measures to put off 15% of its workforce as sought to push towards profitability.

The next 12 months, Freetrade raised £2.3 million ($2.9 million) in a crowdfunding spherical on Crowdcube at a valuation of £225 million — a 65% low cost to its earlier £650 million valuation. Freetrade on the time blamed a “totally different market surroundings” affected by increased rates of interest and inflation.

Extra not too long ago, the agency has had information to cheer about. Freetrade reported its first-ever quarter of revenue within the three months via March, in response to unaudited monetary statements shared with CNBC in April. Preliminary revenues hit £6.7 million for the quarter.

Freetrade nonetheless generated an annual lack of £8.3 million in 2023, down from the £28.8 million loss it racked up the 12 months prior, whereas revenues climbed 45% to £21.6 million in the identical timeframe.

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