Founded in 2019, Trade Republic has rapidly become one of Europe’s leading neo-brokers and savings platforms, establishing a significant presence in the European financial landscape. Since its launch, the platform has grown to 10 million customers across 18 European countries and now manages over €150 billion in client assets. The company holds a full German banking licence (issued by the ECB in December 2023), is supervised by BaFin and the Bundesbank, and was valued at approximately €12.5 billion following a December 2025 secondary share sale.
This article dives into the key statistics surrounding Trade Republic, including its assets under management (AUM), user base growth, revenues, and other critical metrics that reflect its evolving role in the European financial ecosystem.
Revenues
As a private company, it remains difficult to get a complete picture of Trade Republic’s financials. In the German company registers, the company’s official name is Trade Republic Bank GmbH. The latest available publication is a separate non-financial report for FY 2023/24 (published 13 October 2025), which reports total assets of €37.203 billion as of 30 September 2024.
The non-financial report also discloses EU Taxonomy KPIs, with a Green Asset Ratio (GAR) of 1% on both turnover- and CapEx-based measures. Note that this is a non-financial report, so it does not include a full profit and loss statement – meaning profitability for the period cannot be directly confirmed from public filings. Trade Republic received its full German banking licence from the ECB in December 2023 and is supervised by the Bundesbank and BaFin.
According to Finance Magnates (January 2025), Trade Republic “maintained profitability through both fiscal and calendar year 2024 while continuing to offer competitive rates aligned with the European Central Bank’s benchmark rate on customer deposits”. Cash interest rates have varied since then in line with ECB policy shifts.
Trade Republic AUM and number of users
As of recent disclosures, the assets under management (AUM) at Trade Republic stood at €150 billion in client assets and cash, with 10 million users across 18 European countries (the user count crossed 10 million in 2026, up from approximately 8 million at the time of the Poland launch in September 2025). The map below shows the current geographic footprint as published on Trade Republic’s website:
Average account balance
By dividing the assets under management by the number of users, we get an estimated average account balance of approximately €15,000 per user – a meaningful figure that reflects the platform’s broad retail appeal across savings, ETF investing, and active trading.
Who are Trade Republic investors?
Trade Republic is backed by a high-profile roster of venture capital funds and institutional investors, including:
- Sequoia Capital
- Founders Fund
- Ontario Teachers’ Pension Plan
- TCV (Technology Crossover Ventures)
- Accel
- Thrive Capital
- Creandum
The company has raised over €1 billion in total funding across multiple rounds, and in December 2025 a secondary share sale valued the company at approximately €12.5 billion.
Business model
As a brokerage firm, Trade Republic’s main revenue source is related to user transactions in stocks, ETFs (exchange-traded funds), bonds, cryptocurrencies, and other financial products.
Here’s a breakdown of how Trade Republic earns money:
1. Transaction fees
Although Trade Republic markets itself as commission-free, it charges a flat €1 third-party settlement fee per trade (often described as an “external settlement cost”). This covers operational expenses such as order routing and settlement. Compared to traditional brokers, this fee is small, but it still provides Trade Republic with a steady revenue stream from active traders. Savings plan executions remain free, which is a key part of the platform’s value proposition.
2. Payment for order flow (PFOF)
One key way Trade Republic has historically earned revenue is through Payment for Order Flow (PFOF). This practice involves receiving payments from market makers (financial institutions or liquidity providers) in exchange for routing client trades to them. While the end-user gets commission-free or low-fee trading, the broker monetises the transaction by directing it to a specific market maker who compensates the platform.
According to a Financial Times article, “Payment-for-order-flow agreements only accounted for about a third of Trade Republic’s overall income”, Hecker (co-founder of Trade Republic) was quoted as saying.
PFOF has been controversial, as it raises concerns about potential conflicts of interest in order execution (e.g., ensuring the best price for the user). According to a paper prepared on behalf of Trade Republic, PFOF “does not harm private investors. On the contrary, customers benefit”.
However, the European Union has agreed on a general ban on PFOF, which must be phased out by 30 June 2026. This means Trade Republic and other EU brokers are in the process of restructuring their revenue mix away from PFOF, with the impact already being reflected in fee schedules, interest rate offerings, and added product lines (such as bonds and crypto trading).
3. Securities lending
Another revenue stream comes from securities lending. Trade Republic can lend out securities held in user portfolios (typically to institutional investors, hedge funds, or other entities) for short-selling or other purposes. The firm earns fees or interest on these loaned securities, while the user retains beneficial ownership.
4. Net interest margin on customer cash
Trade Republic offers interest on uninvested cash at rates aligned with the ECB deposit facility rate (which was raised to 2.25% effective 17 June 2026, up from 2.00% held since June 2025). Historically, Trade Republic has passed through close to the full deposit facility rate to customers, meaning its net interest margin on cash balances is relatively narrow. However, with €150 billion in client assets, even a small spread on the cash portion of those assets becomes a meaningful revenue line.
As a curiosity, DEGIRO takes the opposite approach and pays no interest on uninvested cash.
Trade Republic valuation
Trade Republic, the German-based fintech, has been through multiple major funding milestones:
- 2021 – Series C: reached a valuation of over $5 billion USD, led by Sequoia Capital;
- 2022 – Series C extension: raised an additional €250 million, led by the Ontario Teachers’ Pension Plan Board, reaffirming the prior valuation;
- 2023 – Banking licence: received a full European banking licence from the ECB in December 2023, a substantive credential that materially raised the company’s strategic profile;
- December 2025 – Secondary share sale: valued at approximately €12.5 billion, more than doubling the 2021 valuation. The secondary sale allowed existing employees and early investors to take partial liquidity without the company itself raising primary capital.
Is Trade Republic planning an IPO?
To the best of our knowledge, Trade Republic has not officially confirmed plans to pursue an initial public offering (IPO). The company has not made any public statements or shared press releases indicating an immediate intention to go public.
The December 2025 secondary share sale, in particular, signals that the company is comfortable remaining private for now – secondary sales allow existing investors and employees to take liquidity without triggering the public-market scrutiny and reporting obligations of an IPO.
That said, in a past podcast appearance, Johan Brenner (one of Trade Republic’s VC investors at Creandum) predicted that Trade Republic would be a public company within five years, anticipating an IPO in the medium term.
The decision to pursue an IPO is rarely straightforward. Multiple factors – financial performance, future growth prospects, market conditions, regulatory environment, and strategic considerations – all weigh on the timing. Several Trade Republic competitors such as Interactive Brokers, XTB, and DEGIRO* are publicly listed, so it is plausible that Trade Republic may eventually follow suit.
*Disclaimer: investing involves risk of loss.
Competitors statistics
Curious to see similar analyses on Trade Republic’s competitors? We have also covered Trading 212, Interactive Brokers, and eToro.
Bottom line
Trade Republic has grown rapidly into one of Europe’s major players in fintech and retail brokerage. With 10 million users across 18 European countries and €150 billion in assets under management, the platform has built impressive scale in just a few years.
While the company initially posted losses in its early years, reports suggest it shifted to profitability by 2023-2024 – a reflection of strong business fundamentals and operational discipline. Revenue is primarily driven by transaction fees, payment for order flow (PFOF), securities lending, and net interest margin on customer cash. The forthcoming EU ban on PFOF (effective 30 June 2026) is already pushing the company to diversify its revenue mix.
The €12.5 billion valuation from the December 2025 secondary share sale – backed by major investors including Sequoia, Founders Fund, Ontario Teachers, and others – underscores how the market values Trade Republic’s scale and growth potential. The firm has yet to announce a definitive IPO timeline, but its full European banking licence and continued international expansion (including the Polish launch in September 2025) suggest a strong foundation for whichever path it ultimately chooses.
