During an all-hands meeting, yesterday challenger stockbroker Freetrade announced a wave of redundancies that could impact up to 15% of its staff.
The decision comes just weeks after the business raised £30m through a loan agreement with existing and new investors.
Freetrade’s CEO Adam Dodds announced the news as part of a company-wide action to reduce costs and extend the fintech’s runway.
“I’ve reached the difficult conclusion that we need to reduce our headcount,” Dodds wrote on an internal Slack message seen by AltFi.
“This is a tough decision. Nobody ever wants to have to do this.”
Freetrade is an app that makes investing simple, and free. Freetrade’s award-winning app was voted Best Share Trading Platform at the British Bank Awards 2019, 2020 and 2021.