Co-founder Adam Dodds is stepped down as CEO of the UK trading app in May, being replaced by then COO and co-founder Viktor Nebehaj.

The company hit profitability in the first quarter of this year. Sweden is Freetrade’s only overseas market.

Nebehaj said: “Today we’re announcing our decision to wind down operations in Sweden. After careful consideration, we felt that it was best to focus our resources on growing our market share in the UK’s self-directed investment market. I’m grateful for the hard work and dedication of our Swedish team, who have shown the highest levels of professionalism throughout this process.

“As CEO, I am determined to maintain our team’s focus on executing projects that will drive significant shareholder value. Right now, Freetrade is in its strongest financial position in its history. We were profitable across the first half of the year and saw topline revenue grow 35% compared to the same period in 2023, while realising significant additional cost savings. Now I’m looking forward to driving our growth to the next level. It’s more important than ever that we focus on our core market and its enormous growth prospects.”