Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»Freetrade buys UK arm of Australian investing platform Stake
Finance

Freetrade buys UK arm of Australian investing platform Stake

October 1, 2024No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Freetrade buys UK arm of Australian investing platform Stake
Share
Facebook Twitter LinkedIn Pinterest Email

Folks stroll alongside London Bridge previous the Metropolis of London skyline.

Sopa Photographs | Lightrocket | Getty Photographs

London-based on-line buying and selling platform Freetrade informed CNBC Tuesday that it is agreed to purchase the U.Ok. buyer e book of Stake, an Australian investing app.

The transfer is a part of a broader bid from Freetrade to bolster its home enterprise and comes as British digital funding platforms face rising competitors from new entrants — not least U.S. heavyweight Robinhood.

The startup informed CNBC solely that it entered right into a transaction with Stake to tackle the entire firm’s purchasers and transfer all belongings the agency manages within the U.Ok. over to its personal platform.

Freetrade and Stake declined to reveal monetary data of the deal, together with the worth of Stake’s U.Ok. buyer e book.

Stake, which relies in Sydney, Australia, was based in 2017 by entrepreneurs Matt Leibowitz, Dan Silver and Jon Abitz with the goal of offering low-cost brokerage companies to retail buyers in Australia.

The corporate, which additionally operates in New Zealand, launched its companies within the U.Ok. in 2020. Nevertheless, after a latest enterprise assessment, Stake determined to focus totally on its Australia and New Zealand operations.

Following the deal, clients of Stake U.Ok. shall be contacted with particulars about how one can transfer their cash and different belongings over to Freetrade in “the approaching weeks,” the businesses mentioned. Clients will nonetheless have the ability to use their Stake account till belongings and money are transferred to Freetrade in November.

Freetrade operates primarily within the U.Ok. however has sought to broaden into the European Union. It provides a variety of funding merchandise on its platform, together with shares, exchange-traded funds, particular person financial savings accounts, and authorities bonds. As of April 2024, it had greater than 1.4 million customers.

Earlier this 12 months, CNBC reported that the startup’s co-founder and CEO, Adam Dodds, had determined to depart the corporate after six years on the helm. He was changed by Viktor Nebehaj, the agency’s then-chief working officer.

Freetrade was a beneficiary of the 2020 and 2021 retail inventory investing frenzy, which noticed GameStop and different so-called “meme shares” bounce to wild highs. Within the years that adopted, Freetrade and its rivals, together with Robinhood had been impacted by increased rates of interest which hammered investor sentiment.

In 2022, Freetrade introduced plans to put off 15% of its workforce. The next 12 months, the agency noticed its valuation droop 65% to £225 million ($301 million) in an fairness crowdfunding spherical. Freetrade on the time blamed a “completely different market surroundings” for the discount in its market worth.

Extra lately, although, issues have been turning round for the startup. Freetrade reported its first-ever half 12 months of revenue in 2024, with adjusted earnings earlier than curiosity, tax, depreciation and amortization hitting £91,000 within the six months by June. Revenues climbed 34% year-over-year, to £13.1 million.

“I am targeted on scaling Freetrade into the main commission-free funding platform within the UK market,” CEO Nebehaj mentioned in a press release shared with CNBC. “This deal exhibits our dedication to capitalise on alternatives for inorganic development to succeed in that objective.”

“Over the previous few months, we’ve got labored intently with Stake to make sure a easy transition and good outcomes for his or her UK clients. We sit up for welcoming them and persevering with to help them on their funding journeys.”

Freetrade presently manages greater than £2 billion value of belongings for U.Ok. purchasers. Globally, Stake has over $2.9 billion in belongings underneath administration.

Robinhood, a far bigger participant within the U.S. with $144 billion in belongings underneath administration, launched within the U.Ok. in November 2023 to a lot fanfare. Earlier this month, the corporate launched a securities lending scheme within the U.Ok., in a bid to additional entice potential British purchasers.

Source link

arm Australian buys Freetrade investing platform stake
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Should You Invest in WEC Energy Group (WEC)?

May 9, 2025

Jim Cramer on Microsoft Corporation’s (MSFT) Earnings Report: ‘Happy Call’

May 9, 2025

French startup Mistral launches chatbot for companies, triples revenue in 100 days

May 9, 2025

3 Magnificent Dividend Stocks Down 19% to 48% I’m Buying Right Now for My Daughter’s Portfolio

May 9, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

What happens if you use cough syrups after a month of opening them?

May 9, 2025

Neeraj Chopra to compete at Ostrava Golden Spike 2025

May 9, 2025

Honduran migrant held at Aurora ICE detention center granted asylum

May 9, 2025

Mickey Rourke’s Biggest Controversies Revisited

May 9, 2025
Popular Post

Daily brief: Centre releases draft rules against betting in online games, and all the latest news

Masterstroke or gamble? AAP boot to Rajendra Gautam aimed at Gujarat, silencing RSS in Punjab

Chinese Bonds Recover From Selloff as PBOC Steps Up Cash Support

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.