Freetrade co-founder Adam Dodds is stepping down as CEO of the UK trading app, with COO Viktor Nebehaj set to take over the role.
Dodds, Nebehaj, and Davide Fioranell founded the platform in 2016 as the UK’s answer to Robinhood. Today, it offers commission-free trading and investing to over 1.5 million users.
Dodds is handing over leadership immediately after the company achieved profitability in the first quarter and is preparing to introduce new products, including UK Treasury bills within tax wrappers.
However, Freetrade has encountered challenges, including a valuation reduction last summer of 65%, dropping from £650 million to £225 million due to the broader economic climate. The previous year, the company laid off 15% of its 300 staff to preserve its financial runway.
Dodds remarked, “I’ve spent nearly a decade of my life building Freetrade from an idea into a profitable and growing business. With Freetrade positioned for its next phase of growth, it’s time for a change in leadership.”
Nebehaj added, “As founder, Adam willed Freetrade into existence, but different stages of a company’s growth require different leaders. With our first profitable quarter behind us, I’m excited about the size of the opportunity ahead.”