Freetrade has announced its decision to exit the Swedish market in order to concentrate resources on the UK self-directed investment sector.
Co-founder Adam Dodds, who stepped down as CEO in May, has been succeeded by Viktor Nebehaj, the former COO and co-founder of the trading app.
Freetrade achieved profitability in the first quarter of this year, marking Sweden as its only international market. Nebehaj expressed: “Today we’re announcing our decision to wind down operations in Sweden. After careful consideration, we felt that it was best to focus our resources on growing our market share in the UK’s self-directed investment market. I’m grateful for the hard work and dedication of our Swedish team, who have shown the highest levels of professionalism throughout this process.”
As CEO, Nebehaj emphasized his commitment to maintaining the team’s focus on initiatives that will enhance shareholder value. “Right now, Freetrade is in its strongest financial position in its history. We were profitable across the first half of the year, achieving a 35% increase in topline revenue compared to the same period in 2023, while realizing significant additional cost savings. I’m looking forward to driving our growth to the next level. It’s more important than ever that we concentrate on our core market and its immense growth potential.”