IG Group has acquired stock trading app Freetrade for £160m, as the FTSE 250 firm looks to target a new UK audience of traders.

The trading platform, along with its 720,000 customers and £2.5bn in assets, will move to IG Group in mid-2025, subject to regulatory approval, the firm said in a stock exchange notice today.

Throughout 2024, revenue at Freetrade increased 32 per cent to £27.5m, leading to a positive operating profit for the first time.

In the first half of year, investors piled £233m onto the platform, with net flows up 87 per cent.

“This is a rare opportunity to strengthen IG’s UK trading and investments offering and broaden our target addressable market,” said IG Group chief executive Breon Corcoran.

“Freetrade is one of the most successful emerging players in the UK direct-to-customer investment market, with a strong brand, highly scalable technology and delivering rapid growth.”

In 2022, rumours emerged that JP Morgan was looking to acquire Freetrade, following its acquisition of Nutmeg.