Trade Republic cooperates with Deutsche Bank
Sophie Deistler
| 22.04.2022
The fintech is withdrawing some of its accounts from Solarisbank to do so, according to a media report. It cites its strong growth as the reason for the move.
According to information from Finance Forward Trade Republic will cooperate with Deutsche Bank and the major U.S. bank Citigroup on its clearing accounts in the future. Previously, the neobroker worked exclusively with Solarisbank for this purpose.
The switch to accounts at Deutsche Bank affects both new customers and some existing customers. A spokeswoman tells Finance Forward that the reason for the move is the neobroker's continued growth: "We are expanding the partner network to include Deutsche Bank and Citi and are distributing new customers and some of the existing customers in particular. In the process, we will remain a partner of Solarisbank." However, the distribution among the new partners is not to follow regional markets.
Trade Republic expanded strongly last year, adding Spain, Italy and the Netherlands as new markets. The company also raised $900 million in a financing round.
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