German wealthtech Trade Republic lands full EU banking licence from the ECB
German stock trading and savings platform Trade Republic has secured a full EU banking licence from the European Central Bank (ECB).
Trade Republic has been granted a full banking licence by the ECB
The Berlin-based firm, which describes itself as “Europe’s largest savings platform”, can now offer essential banking services such as deposits and lending as it looks to expand its product offering for customers across the continent.
Founded in 2015 by Christian Hecker, Thomas Pischke and Marco Cancellieri, Trade Republic’s app enables users to trade and invest in bonds, derivatives and crypto and provides access to fractional stock and ETF savings plans.
The company currently has more than two million customers across 17 European markets.
Speaking on the news, Hecker says receiving the full banking licence from the ECB “opens up a new chapter for Trade Republic”, adding: “The focus remains unchanged on the easy, secure and affordable accumulation of wealth.”
With the new licence, which builds on the company’s previous German banking licence obtained through BaFin, Trade Republic adds that it also plans to expand and strengthen its corporate governance by creating an “experienced audit committee”.
In June 2022, Trade Republic raised €250 million in a Series C extension at a post-money valuation of €5 billion. The firm’s initial Series C round had raked in a whopping $900 million the previous year.
