Trade Republic Bank, a mobile-only and commission-free broker, has collected €10m in its Series A round which will support its European expansion efforts.
Creandum, a European-focused technology investor, led the round, which also received backings from Berlin-based venture firm Project A.
Having closed the round, Trade Republic Bank hopes to accelerate the growth of its free stock market investing platform and expand into new asset classes and launch new app features. In the near future, the company hopes to launch into additional European markets.
The platform launched in January 2019 and offers a mobile-based investing app which aims to enable all consumers to get involved with the capital markets industry through their phones. Since its launch, Trade Republic boasts a customer base of five figures, it claims.
The platform removes expensive order commissions. Instead, on all asset classes and order sizes, investors pay a fixed fee of one Euro per trade, which covers all external costs of the transaction.
Germany-based Trade Republic users can invest into 6,500 German and international stocks and over 500 ETFs.
Project A general partner Florian Heinemann said, “Investments in equities – directly or indirectly via ETFs – are essential for private investors in order to have the chance of a considerable return in a low-interest rate environment. In Germany in particular, there is great potential for a significant increase in the number of shareholders.
“Trade Republic Bank is focusing on two key areas in order to make stock trading significantly more attractive for existing and new target groups: On the one hand by an unmatched low price for trading, on the other hand by the very fast accessibility of the investment opportunity via the intuitive mobile app. We are very pleased to provide support on this journey.”
Copyright © 2019 FinTech Global