British stock trading app Freetrade, known for its zero-commission platform and popularity among younger investors, has been acquired by online investing platform IG Group for £160 million ($195 million). This represents a 29% discount to Freetrade's last valuation. Founded in 2016, Freetrade gained significant traction during the pandemic-fueled retail trading boom.
British stock trading app Freetrade , known for its zero-commission platform and popularity among younger investors, has been acquired by online investing platform IG Group for £160 million ($195 million). This represents a 29% discount to Freetrade 's last valuation. Founded in 2016, Freetrade gained significant traction during the pandemic-fueled retail trading boom, particularly benefiting from the GameStop short squeeze in early 2021.
The app's initial focus was on equities, but it later expanded to include trading in exchange-traded funds, savings products, and government bonds.However, Freetrade, like many other high-flying pandemic-era companies, faced challenges in the subsequent economic downturn. Viktor Nebehaj, CEO and co-founder of Freetrade, expressed optimism about the acquisition, stating that it is a 'transformative deal that recognizes the significant value that Freetrade has created.' Nebehaj believes that with IG Group's resources and support, Freetrade will be well-positioned to accelerate growth and deliver innovative products and features. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to be finalized later this year
Freetrade Acquisition IG Group Stock Trading Robinhood Retail Investors Zero-Commission Pandemic Boom Economic Downturn
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