Stock trading app Freetrade has raised £30mn in debt financing.
Freetrade launched as a commission-free stockbroking app.
The round included existing investors Molten Ventures, Left Lane Capital and L Catterton as well as new investors the Phoenix and Capricorn Capital Group.
The company, valued at £650mn, also had a record-breaking crowdfund last year, raising £8mn within 24 hours on Crowdcube.
What does this mean?
The firm has opted for debt financing to “strengthen Freetrade’s balance sheet”, its CEO has told AltFi. The decision has been made not to focus on valuation in such a volatile market.