German neobroker Trade Republic has scored the country's largest ever fintech funding round, a $900 million Series C that puts a $5 billion price tag on the six-year old firm.
The investment was led by Sequoia with participation from new investors TCV and Thrive Capital as well as existing investors Accel, Founders Fund, Creandum and Project A.
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.
Trade Republic also recently added crypto currencies so people can adjust their portfolio to reflect inflation and negative interest rates.
Co-founder Christian Hecker, says: "Within just 24 months, we have empowered over one million people to put their money to work. For many Germans, French and Austrians, Trade Republic is the home screen app to manage their wealth."
"Fifty percent of Trade Republic's customers, over 500k people, have never invested in capital markets before in their life. We empower people to start with wealth creation, who have been neglected by big banks for too long, with high fees and opaque products," adds Thomas Pischke, co-founder. "With over €6B in assets under management, we are the core savings account for our customers."