Mobile investing app Trade Republic has raised a €62 million Series B round led by Accel and Founders Fund, to further the development of a European platform for mobile saving, investing, and trading.
Founded in 2015 and licensed in Germany, Trade Republic is a European equivalent of US unicorn RobinHood, enabling users to invest in stocks, ETFs, and derivatives - mobile and commission-free.
The Berlin-based firm, which counts HSBC, BlackRock, and solarisBank as partners, has attracted over 150,000 users since its launch in May 2019, managing almost EUR1 billion in assets through the app.
Christian Hecker, co-founder of Trade Republic, comments: "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 democratising access to capital markets.”
The company has set up a waiting list in Austria with a view to a launch in the next couple of months, before expanding further across Europe.
Global venture firm Accel has previously invested in tech giants such as Facebook, Slack, and Spotify, while Founders Fund, which is backed by Peter Thiel, includes Palantir, AirBnB, and SpaceX in its portfolio.
Says Thiel: “Trade Republic’s rapid growth in Germany testifies to the superiority of its technology platform over legacy offerings. The company is poised to become a major player in European finance."