Global fintech firm InvestCloud announced on Wednesday it has named Freetrade as the first firm to enter its UK Innovation Center. The UK startup is using the space to bring its app-only stockbroker to market.
According to Investcloud, Freetrade was founded by former KPMG accountant Adam Dodds and Andre Mohamed. The company offers zero commissions on basic accounts and trades. It also provides fractional trading with no minimums and allows anyone to invest any amount through its platform.
Freetrade is currently using InvestCloud Emerald for its books of records (BOR) accounting solution. Emerald provides a full-suite of operational technology for digital investment managers and robo advisors. Dodds stated:
“Freetrade has come a long way in a short space of time. The past year has seen us crowdfund £1.3 million as well as graduate from Octopus Labs’ accelerator and gain approval from the FCA to act as a directly authorised stockbroker. InvestCloud has been incredibly supportive throughout our development stage. We are excited to continue our collaboration through the Innovation Center as we launch our service in the coming months.”
The InvestCloud Innovation Center London is now based at the firm’s European headquarters in Soho, London. It is the second Innovation Center launched by the global FinTech firm and was announced in June 2017, opening its doors for business in September 2017. Will Bailey, EVP for Europe and Innovation at InvestCloud, added:
“Freetrade shares many of the same values as InvestCloud and is a perfect fit for the Innovation Center. It looks to create innovative solutions in the financial sector that radically change and challenge the established norms of investing.The Innovation Center was born to help these kinds of companies succeed, giving them full access to our sandboxed technology to build their own solutions. We are proud to support Freetrade on its mission and look forward to further collaboration through the Innovation Center.”