Case Study: Freetrade reduces unallocated deposits with TrueLayer

In conversation with Freetrade opening up investing

Freetrade, an app-based commission-free investing platform, faced a significant operational challenge with its main deposit method. Manual bank transfers, which were popular with customers, created a poor user experience and resulted in a high volume of unallocated deposits that required manual reconciliation, costing the company time and money. Freetrade turned to TrueLayer and its open banking API to solve this problem.

By implementing TrueLayer's API, Freetrade created a simplified in-app deposit flow. This solution automatically allocated payments, drastically reducing the manual effort for the company and providing a seamless experience for customers. The results were immediate and significant: unallocated deposits plummeted from 10% to just 2% of monthly inflows, and open banking quickly grew to account for over two-thirds of all deposits. Furthermore, Freetrade achieved major cost savings by reducing expensive card payments to only 5% of total deposits.

Freetrade

Damon Roberts

Product Manager