Freetrade, a European commission-free trading app for globally-listed stocks and ETFs, announced the raise of about $38 million (£30 million) in debt, which it will convert later to equity.

Why It Matters: To bolster post-pandemic innovation after “the peak of the public markets,” as CEO Adam Dodds explained, the firm sought a convertible loan note from investors including Left Lane Capital, Molten Ventures, L Catterton, The Phoenix, Israel Financial Group and Capricorn Capital Group.

Through this route, Freetrade can avoid revaluations in “choppy markets,” the CEO said adding that Freetrade would “get through these ups and downs.”

“That’s the point of raising these funds," said Dodds.