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Edinburgh-based FinTech firm FreeAgent IPOs on AIM, raises £10.7m

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Edinburgh-based FinTech company FreeAgent has floated on AIM, raising £10.7m.

The SaaS accounting software provider raised the cash with a market capitalisation of £34m.

Credited with being the first equity crowdfunded company to have raised growth capital before going public in the UK, the firm’s flotation comes after it raised over £1.2m on Seedrs in July last year.

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Ed Molyneux, CEO of FreeAgent, commented on the news: “We are very pleased to have today been admitted to trading on AIM – this is a transformational event for FreeAgent. I am delighted by the interest shown in FreeAgent by investors, resulting in our successful placing, and equally delighted to welcome on board our new shareholders.

“Our entry to the AIM market is a positive step that marks the next phase of FreeAgent’s development as we progress our growth strategy. We look forward to our future as a quoted company with confidence,” he added.

FreeAgent’s flotation comes after Worldpay raised £2.48bn in the largest FinTech IPO of 2015 and the second largest IPO in London in the last 10 years after it went public in October last year.

James Clark, business development – tech and life sciences at the London Stock Exchange, said FreeAgent’s listing symbolised that the city’s markets continued to be open and available to firms established across the UK as a whole.

“The significant capital raised on AIM this year is a clear sign of the market’s enduring capacity to connect to dynamic companies to permanent institutional and retail capital,” concluded Clark.

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