Freetrade has announced that it will exit the Swedish market to focus its resources on the UK self-managed investment market.
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Co-founder Adam Dodds stepped down as CEO of the British trading app in May and was replaced by then-COO and co-founder Viktor Nebehaj.
The company reached profitability in the first quarter of this year. Sweden is Freetrade’s only overseas market.
Nebehaj said: “Today we announce our decision to cease operations in Sweden. After careful consideration, we have concluded that it is best to focus our resources on expanding our market share in the UK self-managed investment market. I am grateful for the hard work and commitment of our Swedish team, who have shown the highest level of professionalism in this process.
“As CEO, I am committed to continuing to focus our team on implementing projects that will significantly increase shareholder value. Currently, Freetrade is in the strongest financial position in its history. We were profitable in the first half of the year and experienced a 35% increase in revenue compared to the same period in 2023, while achieving significant additional cost savings. Now I’m excited to take our growth to the next level. It is more important than ever that we focus on our core market and its enormous growth prospects.”
