Trade Republic, a German neo-broker and stock trading platform, has raised a €62 million Series B round, co-led US venture capital firms Accel and Founders Fund. The fintech company plans to use the funding to expand beyond its current markets in Germany and Austria and to explore other product services.
Trade Republic democratises the capital market, allowing users to invest and trade easily, from their mobile phones, for a small fee. When users buy or sell shares, exchange-traded funds (ETFs) or derivatives, no commission is charged. Moving forward the company wants to add savings features, growing into a “one-stop shop” for financial management.
“We see saving as our biggest growth path in the years to come,” said Christian Hecker, co-founder and CEO.
The massive number in this Series B round reflects the company’s rapid growth in the last year. Creandum led the startup’s €10 million Series A just nine months ago. Since launching the app’s waiting list in May 2019, the Berlin-based company has gained 150,000 users.
Prior to theis upswing, the startup worked in stealth mode for nearly four years. Co-founders Hecker, Marco Cancellieri, and Thomas Pischke started Trade Republic in 2015, working on the platform and regulatory compliance, gaining German trading company Sino as a strategic investor, and quietly raising €7 million in 2018.
Photo: Co-founders Marco Cancellieri, Christian Hecker, and Thomas Pischke