European
digital broker Trade Republic reported its assets under management have
exceeded 100 billion euros ($109 billion) as its customer base doubled to 8
million in the past year, the company announced on Thursday.
Trade Republic Assets Hit
€100 Billion as Customer Base Doubles
The
Berlin-based fintech is expanding its physical presence by establishing
national branches in France, Spain, and Italy, while introducing localized
banking services in these markets.
The company
maintained profitability through both fiscal and calendar year 2024 while
continuing to offer competitive rates aligned with the European Central Bank’s
benchmark rate of 3% on customer deposits.
Trade
Republic’s French operations have attracted more than 1 million customers, with
the company introducing commission-free savings plans for France’s
tax-advantaged PEA accounts. French customers will receive access to domestic
current accounts with national IBANs.
It is worth
noting that a year ago, the
company was celebrating the 4 million customer mark and 30 billion euros under
management.
“A new
generation of savers is emerging across Europe, taking charge of their own
finances. A large portion of these customers are taking their first steps with
Trade Republic. In just six years, these customers have saved over 100 billion
euro with us. This highlights the scale of this movement and its potential for
the future,” says Christian Hecker, co-founder of Trade Republic.
International
customers now comprise more than one-third of the company’s user base. The
expansion of services includes a debit card program and current accounts, which
have contributed significantly to the firm’s growth in 2024.
The company
operates across 17 European countries, offering services including savings
plans, fractional trading of shares, ETFs, bonds, derivatives, and
cryptocurrency investments. Trade Republic is supervised by Germany’s Federal
Financial Supervisory Authority (BaFin) and Deutsche Bundesbank.
“2024 was a
year of significant investment in our infrastructure. With the establishment of
national bank branches and our own securities settlement system, we have built
a European platform. As the first truly European bank, we aim to offer the most
attractive local banking and savings products in every market,” added Hecker.
Four years
ago, the brokerage drew
widespread attention for imposing restrictions on its users, preventing
them from purchasing highly sought-after meme stocks like
GameStop and AMC. This move, reminiscent of the actions taken by Robinhood
during the same period, was met with significant backlash from investors and
the broader trading community
This article was written by Damian Chmiel at www.financemagnates.com.
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