• Home
  • News
  • Apps
  • Guides
  • Tech
  • Gaming
  • Apple
  • Mobile
  • Windows
  • Hardware

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Apple Expands App Retailer Age Score System With Extra Granular Classes

Video-Sharing App Vine Is Returning ‘In AI Type’, Says Elon Musk

OTT Releases This Week (July 21 – July 27): Mandala Murders, Ronth, Rangeen, and Extra

Facebook Twitter Instagram
Tech Crowder
  • Home
  • News
  • Apps
  • Guides
  • Tech
  • Gaming
  • Apple
  • Mobile
  • Windows
  • Hardware
Facebook Twitter Instagram
Tech Crowder
Home»Latest Posts»British buying and selling app Freetrade says CEO Adam Dodd to step down
Latest Posts

British buying and selling app Freetrade says CEO Adam Dodd to step down

Rudra SharmaBy Rudra SharmaUpdated:No Comments4 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
British buying and selling app Freetrade says CEO Adam Dodd to step down
Share
Facebook Twitter LinkedIn Pinterest Telegram Email

Adam Dodd, co-founder of wealth know-how app Freetrade, is stepping down as CEO.

Freetrade

Advertisement

LONDON — The boss of U.Okay. inventory buying and selling service Freetrade is stepping down and leaving the corporate with fast impact, the corporate advised CNBC solely Monday.

Adam Dodd, who co-founded the corporate with enterprise companions Davide Fioranell and Viktor Nebehaj in 2016, might be changed by Nebehaj, presently Freetrade’s chief advertising and marketing officer, as CEO, pending customary regulatory approvals.

Dodd stays the biggest particular person shareholder in Freetrade, proudly owning a roughly 12% stake, based on firm filings. He will not be concerned within the day-to-day operations of the corporate from now, nonetheless a Freetrade spokesperson mentioned he’ll proceed to help the corporate’s evolution from the “outdoors.”

‘We nearly died so many instances it is onerous to depend’

Dodd felt it was the fitting determination to go away the corporate and have Nebehaj take the reins because it enters the following stage of its development trajectory, which incorporates plans to push out new merchandise together with bonds and mutual funds, tax wrappers, and its internet platform, in addition to develop its core worthwhile U.Okay. userbase.

The Freetrade brand on a smartphone display.

Rafael Henrique | Sopa Pictures | Lightrocket | Getty Pictures

“When reflecting on the journey from thought to over one million customers with billions in property, it is getting by the robust instances you bear in mind essentially the most,” Dodd mentioned in feedback shared with CNBC. “We nearly died so many instances it is onerous to depend.”

“Now, after placing up our first worthwhile quarter and with the enterprise on a robust sustainable footing, it is time to hold up my skates. Freetrade is default alive and able to tackle the incumbent platforms within the UK with self-sustaining development,” Dodd mentioned.

Dodd added: “I am very pleased to say Viktor might be stepping as much as take over the helm as CEO. I will be doing the whole lot I can to help him and the corporate from the board. As for me I am trying ahead to attending to know my children higher, annoying my spouse on the farm, and at last getting my pilot license.”

Nebehaj, Freetrade’s incoming CEO, applauded Dodds’ eight-year run as CEO and mentioned that “it is pure that totally different levels of an organization’s development require totally different leaders.”

“With our first worthwhile quarter behind us, I am excited concerning the measurement of the chance forward,” Nebehaj mentioned in a press release. “Our proficient and high-quality staff is constructing the fitting product for our prospects.”

Perry Blacher, Freetrade’s board chairman, mentioned that Nebehaj “is ideally positioned to steer Freetrade from energy to energy.”

Wild few years

Dodds’ departure follows a wild experience for the corporate lately. Dodds took Freetrade from a scrappy startup within the early days looking for to disrupt the world of wealth administration, to a 500-person firm with over 1.4 million customers.

In 2020, Freetrade was onboarding 1000’s of customers a day as retail buying and selling exercise boomed within the wake of the GameStop stock-trading saga, which noticed a group of hardcore followers of the U.S. online game retailer drive up the worth of the corporate’s share worth.

Extra lately, it has been pressured to tighten its belt as the fact of a gloomier macroeconomic setting set in. In 2022, Freetrade introduced measures to put off 15% of its workforce as sought to push towards profitability.

The next yr, Freetrade raised £2.3 million ($2.9 million) in a crowdfunding spherical on Crowdcube at a valuation of £225 million — a 65% low cost to its earlier £650 million valuation. Freetrade on the time blamed a “totally different market setting” affected by greater rates of interest and inflation.

Extra lately, the agency has had information to cheer about. Freetrade reported its first-ever quarter of revenue within the three months by March, based on unaudited monetary statements shared with CNBC in April. Preliminary revenues hit £6.7 million for the quarter.

Freetrade nonetheless generated an annual lack of £8.3 million in 2023, down from the £28.8 million loss it racked up the yr prior, whereas revenues climbed 45% to £21.6 million in the identical timeframe.

Advertisement
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Rudra Sharma
  • Website

Techcrowder is an imprint of Authority Media dedicated to consumer electronics and digital services. Beyond our expertise in mobile tech, our coverage has expanded to include everything from robot vacuums to streaming services to innovations in artificial intelligence.

Related Posts

Sundar Pichai hits $1.1 billion internet value as Alphabet’s AI-led surge provides over $1 trillion in worth

CoreWeave broadcasts $1.5 billion bond sale

Mark Zuckerberg’s Meta recruits two key Apple AI engineers after luring staff chief

Joby Aviation says it’s doubling manufacturing manufacturing

Amazon Prime Day Sale 2025: Greatest earphones and headphone offers with as much as 70% off

Perplexity launches AI-powered net browser for choose subscribers

Leave A Reply Cancel Reply

Advertisement
Recent Posts
  • Apple Expands App Retailer Age Score System With Extra Granular Classes
  • Video-Sharing App Vine Is Returning ‘In AI Type’, Says Elon Musk
  • OTT Releases This Week (July 21 – July 27): Mandala Murders, Ronth, Rangeen, and Extra
  • Sundar Pichai hits $1.1 billion internet value as Alphabet’s AI-led surge provides over $1 trillion in worth
  • WhatsApp for Android Stated to Be Testing Actual-Time Voice Chats With Meta AI
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Apps

Apple Expands App Retailer Age Score System With Extra Granular Classes

Apple’s App Retailer age ranking system is getting an overhaul, the corporate introduced on Thursday.…

Video-Sharing App Vine Is Returning ‘In AI Type’, Says Elon Musk

OTT Releases This Week (July 21 – July 27): Mandala Murders, Ronth, Rangeen, and Extra

Sundar Pichai hits $1.1 billion internet value as Alphabet’s AI-led surge provides over $1 trillion in worth

Advertisement
Latest Posts

Apple Expands App Retailer Age Score System With Extra Granular Classes

Video-Sharing App Vine Is Returning ‘In AI Type’, Says Elon Musk

OTT Releases This Week (July 21 – July 27): Mandala Murders, Ronth, Rangeen, and Extra

Sundar Pichai hits $1.1 billion internet value as Alphabet’s AI-led surge provides over $1 trillion in worth

WhatsApp for Android Stated to Be Testing Actual-Time Voice Chats With Meta AI

Google I/O Join India 2025: Eight Indian Startups Showcased Functions Constructed With Google’s AI Fashions

Child and Child Now Streaming on Aha Tamil: Know Every thing about Solid, Crew, Plot, and extra

Dude OTT Launch Reportedly Revealed On-line: What You Must Know About Pradeep Rangathan Starrer Film

Categories
  • Apps
  • Entertainment
  • Gadgets
  • Gaming
  • Latest Posts

Apple Expands App Retailer Age Score System With Extra Granular Classes

Video-Sharing App Vine Is Returning ‘In AI Type’, Says Elon Musk

OTT Releases This Week (July 21 – July 27): Mandala Murders, Ronth, Rangeen, and Extra

Sundar Pichai hits $1.1 billion internet value as Alphabet’s AI-led surge provides over $1 trillion in worth

Recent Posts
  • Apple Expands App Retailer Age Score System With Extra Granular Classes
  • Video-Sharing App Vine Is Returning ‘In AI Type’, Says Elon Musk
  • OTT Releases This Week (July 21 – July 27): Mandala Murders, Ronth, Rangeen, and Extra
  • Sundar Pichai hits $1.1 billion internet value as Alphabet’s AI-led surge provides over $1 trillion in worth
  • WhatsApp for Android Stated to Be Testing Actual-Time Voice Chats With Meta AI
Pages
  • About Us
  • Contact Us
  • Disclaimer
  • Homepage
  • Privacy Policy
© 2022 Techcrowder.com
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.

Like Us
Follow Us
Subscribe Us
Follow Us