Trade Republic grows enormously

Within a very short time, the German neobroker has become one of the largest financial start-ups in the world. A media report now shows the extreme growth the company has achieved.
Trade Republic, a Munich-based startup with offices in Berlin and Dusseldorf, grew by about 3,600 percent between October 2019 and September 2020 alone. This is reported by the website Finance Forward with reference to a recent annual report. With commissions, the company has taken in 26.8 million euros in the same period, according to the report. In the following fiscal year, the income is expected to be significantly higher again.
And the number of customers apparently grew rapidly as well: An estimated 350,000 to 400,000 customers could have been added in the 2019/2020 financial year. At the same time, the company spent about €22.8 million on other administrative expenses, much of it probably on marketing. The company's valuation currently stands at €4.3 billion.
Trade Republic was founded in 2015 by philosopher Christian Hecker, physicist Thomas Pischke and computer scientist Marco Cancellieri. Securities or cryptocurrencies can be traded via app or browser. Settlement takes place via the LS Exchange in Düsseldorf, HSBC Trinkaus in Düsseldorf, Citibank in New York or Société Générale in Paris.

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