In the US, Robinhood has led the cost in upending the stock investing model by way of its cellular-first, minimal-step, commission-free trading app. Now, a startup out of Germany built on a similar premise is announcing a large round of funding from some top investors to continue its growth.
Trade Republic — which lets people purchase and sell shares, exchange-traded funds (ETFs) and derivatives using a mobile app, paying just €1 ($1.09) in fees — is right now declaring that it has closed €62 million ($67 million) in funding to expand its enterprise into more markets in Europe and to move into adjoining business lines shortly.
Series B is being co-headed by Accel and Founders Fund and is brings the total raised by the Berlin-based startup to more than €80 million. Creandum led its Series A in 2019.
This is one of the largest Series B rounds for a fintech startup in the region and comes on the heels of the company’s business launch in 2019. It has picked up over 150,000 customers in that time, collectively managing over €1 billion by the app.
This round, in that context, is a vote of confidence for Trade Republic that speaks to what shape fintech and how shoppers interact with it might take in the years to come.