Robinhood rival Freetrade moves into US stocks as transatlantic retail investing battle hots up

Jan 23, 2019 · cityam.com

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London fintech startup Freetrade has launched US stock trading on its app, in the midst of growing rivalry in the commission-free trading space.

The app, which offers users the ability to invest in stocks and exchange-traded funds (ETFs) directly without paying commission, said it will start with a curated list of 120 US stocks, including the likes of Apple, Amazon and Tesla.

Freetrade already offers trading for UK stocks to 10,000 users, with more than 90,000 customers still on its waiting list. Chief executive Adam Dodds told City A.M. the app is growing its user base by 10 per cent every week, and hopes to be able to close the waiting list by the end of March.

The move comes as US rival Robinhood, which is valued at $5.6bn (£4.3bn) and has opened 6m accounts, is said to be hiring in London for an impending UK launch. According to media reports this month, Robinhood has been recruiting for roles in marketing, product development and compliance, with some prominent fintech names rumoured for the top job.

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