German mobile investing platform Trade Republic has collected €62m for its Series B round which will help it bolster its development efforts.
The company’s fresh equity round was led by Accel and Founders Fund. This investment comes less than a year after its former round, which closed on €10m in August 2019 from Creandum and Project A.
Following the close, the FinTech is looking to increase the development of its platform. It recently launched a waiting list for its platform in Austria and will beginning operations in the next couple of months.
Once this is completed, it will look to further expand across Europe over the coming years.
Founded on 2015, the company gives everyone the power to invest into stocks, ETFs and derivatives. Its mobile app 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.
The company launched in May 2019 and has reached more than 150,000 customers.
Trade Republic co-founder Christian Hecker said, “We empower everyone to take their financial investments into their own hands. About 85% of assets of European households are in bank accounts with mostly zero or negative interest rates.
“Our app enables people to invest their money safely, quickly, and transparently. By doing so, we are democratizing access to capital markets. With the intuitive Trade Republic app, everyone can save, invest and trade easily and commission-free.”
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