Trade Republic cooperates with Deutsche Bank

According to a media report, the fintech is withdrawing some of its accounts from Solarisbank. It cites its strong growth as the reason for the move.

According to information from Finance Forward Trade Republic will be cooperating with Deutsche Bank and the major US bank Citigroup for its clearing accounts in future. Previously, the neobroker worked exclusively with Solarisbank.

The switch to accounts with Deutsche Bank affects both new customers and some existing customers. A spokeswoman told Finance Forward that the reason for the move is the continued growth of the neobroker: "We are expanding our partner network to include Deutsche Bank and Citi and are distributing new customers and some existing customers in particular. We will remain a partner of Solarisbank." However, the distribution among the new partners will not follow regional markets.

Trade Republic expanded strongly last year: Spain, Italy and the Netherlands were added as new markets. The company also raised 900 million US dollars in a financing round.