The recent achievement of breakeven by the British stock trading app Freetrade in the first quarter of 2024 comes as welcome news for its crowdfunding investors. After facing a tough financial period, the company reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of £100,000 ($124,863) and a preliminary revenue of £6.7 million for the quarter. This marks a significant milestone for Freetrade as it moves into profitability for the first time, following full-year losses in 2023. Despite generating a loss of £8.3 million last year, down from £28.8 million in 2022, the company showed positive growth with revenues reaching £21.6 million, a 45% increase from the previous year.

CEO and founder of Freetrade, Adam Dodds, expressed optimism about the company’s progress, stating, “We defied difficult market conditions and delivered healthy growth in 2023 while dramatically reducing losses incurred in 2022.”

Freetrade, often seen as the UK’s response to Robinhood, has marked a significant milestone by reaching a breakeven point in its financial performance. As a competitor to the U.S. stock trading platform, Freetrade has positioned itself uniquely in the market, offering retail investors a platform for trading and investment. Despite facing challenges and market fluctuations, Freetrade’s latest equity crowdfunding round on Crowdcube saw its valuation decrease by 65% to £225 million ($280.3 million) from £650 million in 2023.

Adam Dodds, the CEO of Freetrade, remains undeterred by the reentry of Robinhood into the UK market, emphasizing the importance of competition and choice for retail customers. Freetrade’s robust performance in the first quarter of 2024 was attributed to increased trading volumes and foreign exchange income. The platform’s strategic focus on product development and upcoming rollouts, including a web platform, indicates a strong growth trajectory for the company.