London-based Robinhood rival Freetrade buys UK arm of Australian investing platform Stake

Key Points

British retail investing app Freetrade has entered into an agreement with Australian rival Stake to take on all of the company’s U.K. clients and their assets, Freetrade told CNBC Tuesday.
Sydney-based Stake launched its services in the U.K. in 2020, however the firm has decided to focus primarily on its Australia and New Zealand operations after a recent business review.
The move is expected to bolster Freetrade’s domestic operations, and comes as British retail investment platforms as a whole are facing heated competition from Robinhood.

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