InvestCloud Inc., a global FinTech firm, has announced UK startup Freetrade as the first firm to enter its UK Innovation Center. Freetrade is using the space to bring its app-only stockbroker to market. Founded by former KPMG accountant Adam Dodds with co-founder André Mohamed, Freetrade plans to democratize investing. It offers zero commissions on basic accounts and trades, and provides fractional trading with no minimums, allowing anyone to invest any amount through its platform.
Freetrade is also 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, with firms such as Nutmeg using the solution to better scale its operations.
The InvestCloud Innovation Center London is based at the firm’s European headquarters in Soho, London. Announced in June 2017, it is the second Innovation Center launched by InvestCloud (doors opened for business in September 2017). The London Innovation Center follows the blueprint of the firm’s first Innovation Center established at its global headquarters in Los Angeles. It offers both new startups and established financial firms alike the ability to quickly deliver digital solutions supported by the InvestCloud platform.
“Freetrade a come a long way in a short space of time,” said Freetrade’s CEO, Dodds. “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 authorized 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.”
Will Bailey, EVP for Europe and Innovation at InvestCloud, said: “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.”
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Headquartered in Los Angeles with a global presence, InvestCloud develops financial digital solutions, pre-integrated into the cloud. By empowering investors and managers with a single version of the integrated truth through its unique digital platform, InvestCloud creates beautifully designed client experiences and intuitive operations solutions using an ever-expanding library of digital modular apps. Today the InvestCloud platform supports over $1.7 trillion of assets across 670 diverse clients – from wealth managers, institutional investors & institutional asset managers to family offices, asset services companies, financial platforms and banks. For more information, visit www.investcloud.com.