I am not sure of the requirements but I beleive GD2 with FreeType support is installed. Make sure also that you have redownloaded the build and reuploaded everything except the config files.That means templates images php files etc.
I am not sure I am not a server administrator. I have never actually compiled Freetype for GD2. I have installed Freetype and Imagemagick but thats different. You may ask your host about that and if it can not be configured correctly. If not you may not use the feature.