The day after it emerged that a funding round for Freetrade fell apart earlier this year, the UK stock trading app has gone back to the public with another crowdfunding campaign.

According to a letter obtained by the Financial Times, Freetrade inked term sheets with new investors some months ago to raise capital at a £700 million valuation.

The transaction was, however, abandoned in January amid a larger decline in the tech industry.

According to the FT, the company eventually raised £30 million from its current backers through a convertible loan note in May but decided against seeking a new valuation.

Despite that rise, Freetrade still took action in June to reduce expenses and increase its cash runway by firing 15% of its 300-person workforce.

Pre-registration for Freetrade’s eighth crowdfunding round was made available, giving its 17000+ current investors the chance to invest in the convertible loan note.

“Despite significant headwinds in global stock markets, we’ve seen existing and new customers continue to grow throughout 2022.

“Investors are not wasting the opportunity presented by market volatility and Freetrade, as a business, is doing the same.”

                                                                                               Adam Dodds, CEO, Freetrade.