Freetrade adds Sweden MD and new directors to its ranks

By Oliver Smith on Monday 12 April 2021

Savings and Investment

The stockbroker has also applied for its Swedish trading license.

Freetrade adds Sweden MD and new directors to its ranks
Image source: Freetrade.

As it gears up to launch in Sweden, Freetrade has appointed Karl Broomé as managing director to look after the market.

Broomé joins the challenger stockbroker from JP Morgan, where he previously worked as chief country compliance officer for Sweden and Finland.

Freetrade also confirmed today that it has applied to Sweden’s financial regulator, Finansinspektionen, for its license to start offering trading.

CEO Adam Dodds also announced two new non-executive directors are joining Freetrade’s board, former PwC partner and Swede Annica Lundblad, and Torbjörn Ericsson, CEO of Swedish automated clearing house Bankgirot.

“They each bring a unique perspective and deep knowledge of the financial services industry and we will undoubtedly benefit from their strategic oversight and decades of experience,” said Dodds on the appointments.

The CEO added that he looks forward to bringing “direct access to global stock markets to everyone in Europe”.

Freetrade first announced its intention to enter Sweden in November, as its first international market.

Since then the stockbroker has also launched in France and has opened an office in Australia with the plan to launch soon.

Last month Freetrade completed its £50m Series B funding round led by New York growth fund Left Lane Capital, L Catterton and existing investor Draper Esprit.

Today Freetrade said its registered users in the UK are now over 600,000, a huge jump from the over 150,000 users it reported last April during its 2020 crowdfunding campaign.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.