In the United States, the Robinhood has guided the charge in constant stock investing model via its minimal step, mobile-first and commission-free trading platform. Currently, a startup company out of Germany has built on the same hypothesis is declaring a great round of funding from a few best investors to carry on its growth.
The Trade Republic lets general people buy and sell their shares, exchange the traded funds as well as derivatives by means of a mobile app by paying only $1.09 in fees (no commission). Today, the Trade Republic has announced that it has shut down $67 in funding to develop its business into some markets across Europe and to move into closer business lines in the upcoming future.
Accel and Founders Fund have co-led the Series B and bring the total amount by Berlin-based startup to more than 80 million euro. Right now, it is not revealing the valuation.
This is one of the biggest Series B rounds for the fintech startup in this area and arrives after the commercial launch of the company. In that time, it picked up over 150,000 customers and managed more than 1 billion euro via the app. Currently, it is available in Austria and Germany and plans to open some more branches in other countries.
The co-founder and CEO of the Trade Republic, Christian Hecker, said that they wanted to become the one-stop-shop for the trades and wanted to expand that as a secured space. They also planned to introduce an order of savings features in the following couple of months.