British investment platform Freetrade today celebrated its first half-year of profitability after revenue surged by more than a third.
Founded in 2016, Freetrade is an app for commission-free investing.
The company reported £13m in revenue for the period, a 34% surge compared with the first half of 2023.
Gross profit hit £12.3m, with Freetrade swinging from an adjusted loss of £5.6m in the first half of last year to a gain of £91,000.
Freetrade credited the revenue bump to an increase in its assets under administration, which grew by 33%.
“Our pace of execution has accelerated meaningfully, while the team has remained lean and efficient,” said Freetrade CEO Viktor Nebehaj.
“We have the people and purpose-built tech that positions us to transform how individuals manage their life savings.”
Nebehaj joined as chief executive of the neobroker in May, replacing company co-founder Adam Dodds.
“As I reflect on my first three months as CEO, there is an incredible opportunity for us to transform Freetrade into a leading self-directed investment platform in the UK,” added Nebehaj.
“But we’re not stopping there. We’re just scratching the surface of a rapidly changing investment platform market in the UK and we are positioned to seize opportunities to take our growth to the next level.”
In August, Freetrade pulled out of Sweden, its only international market, to focus its efforts on the UK HQ.