Trading 212 has quickly emerged as a prominent player in the online brokerage industry, offering commission-free trading to a global audience. Established in 2004, the financial holding company operates through its key subsidiaries in the United Kingdom, Bulgaria, and Cyprus, catering primarily to clients in the UK and the European Union.
We will focus on Trading 212 Group Limited, which includes the main subsidiary, Trading 212 UK Limited, which represents ~85% of the overall Group revenue, but excludes the subsidiary Trading 212 AU PTY LTD (Australian investors).
In this article, we present key statistics about Trading 212, including assets under management (AUM), user growth, revenues, and more, will be explored, offering insights into its rise and financial performance.
Trading 212 subsidiaries
As of 31 December 2024 (the latest information on the Group), Trading 212 Group Limited (called “Group” from now on) had three principal subsidiaries, namely:
- Trading 212 UK Limited: registered in the United Kingdom and regulated by the Financial Conduct Authority (FCA);
- Trading 212 Limited: registered in Bulgaria and regulated by the Bulgarian Financial Supervision Commission (FSC);
- Trading 212 Markets Limited: registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC).
- Trading 212 AU PTY Limited: registered in Australia and regulated by the Australian Securities and. Investments
Commission. - FXFlat Bank GmbH: registered in Germany and regulated by the Federal Financial Supervisory Authority (BaFin). This entity was fully acquired in July 2024 and began onboarding new customers in January 2025.
Revenues
Trading 212’s revenues were £194.1m in 2024. The UK subsidiary was responsible for roughly 83% of 2024 revenue.
The Cypriot entity’s brokerage revenue more than doubled to about £42.2 million in 2024. The UK unit in 2024 recorded revenue of £161.7 million, with a profit of £39.7 million.
Cost trends & profitability
Administrative expenses jumped sharply:
- The group spent over £65 million on advertising & marketing in 2024, nearly a doubling (≈110% rise).
- Staff costs also increased, reaching £27.7 million.
The group’s net profit in 2024 was £43.8 million, up from £23 million the prior year.
Balance sheet / net assets & cash
Net assets stood at £164.2 million (up from £150.5 million in 2022), and cash balances rose from ~£115 million to ~£129 million over that period.
Observations & implications
- The updated data suggests a much larger UK revenue base and proportion;
- The non-UK operations are growing (e.g. Cyprus), contributing material revenue, which weakens the inference that the UK unit is the dominant growth lever;
- The sharp increase in marketing and staff costs is confirmed in the new data, reinforcing your view that the cost structure is escalating aggressively;
- The group is profitable at the net level, despite rising costs, which suggests scale/operational leverage is working to some extent.
| Description | 2024 | 2023 | 2022 | 2021 |
| Revenue (£000) | 194,140 | 116,191 | 114,909 | 138,685 |
| Gross profit | 194,140 | 116,191 | 114,909 | 138,685 |
| Other operating income | 8,163 | 4,456 | 2,194 | 4,701 |
| Administrative expenses | -153,685 | -98,928 | -75,553 | -57,018 |
| Profit from operations | 48,618 | 21,719 | 41,550 | 86,368 |
| Finance income | 126,147 | 14,982 | 421 | 244 |
| Finance expense | -115,199 | -4,394 | -1,402 | -564 |
| Profit before tax | 59,566 | 32,307 | 40,569 | 86,048 |
| Tax expense | -15,781 | -9,229 | -10,265 | -13,109 |
| Profit for the year | 43,785 | 23,078 | 30,304 | 72,939 |
| Exchange gains / (losses) on translation of foreign operations | -820 | -766 | 3,862 | -1,317 |
| Total comprehensive income | 42,965 | 22,312 | 34,166 | 71,622 |
Figures in £ thousands
Source: Trading 212 Group Limited – financial statements
Trading 212 AUM and number of users
As of October 2025, the Assets Under Management (AUM) of Trading 212 was over £30 billion in client assets and cash. Besides, the number of users was 4.5 million, as described in a press release.
If you want to know how Trading 212 compares with other brokerage firms regarding AUM, please check our article on the topic.
Average account balance
By dividing the assets under management by the “lifetime funded accounts”, we get an average account balance of £6,666 per user.
Business model
The main activities of Trading 212 focus on the following:
- Stockbroking platform: Through “Trading 212 Invest” account, it offers a commission-free stockbroking service that allows users to buy and sell shares of publicly traded companies. It operates under a zero-commission model, meaning clients do not pay fees for trades, nor do they incur custody fees for holding assets on the platform. Revenue is generated through services such as foreign exchange conversions when trades are made in a different currency than the one deposited.
- Contract for Difference (CFD) Trading: Through “Trading 212 CFD” account, it allows traders to speculate on the price movements of financial assets like stocks, currencies, commodities, or indices without owning the underlying asset. This type of trading involves leveraging and allows for short-selling. For positions held overnight, Trading 212 applies an overnight interest rate charge/credit based upon the value of the positions, the prevailing market interest rates and a mark-up;
- Stock lending: Part of their revenue is generated through a fully collateralized stock lending program, allowing them to earn income by lending out stocks held by clients under certain conditions.
Nonetheless, Trading 212 is shifting its focus from CFDs to stockbroking. According to its 2023 fillings: “While operating both a stockbroking and CFD platform, T212’s growth strategy remains focused on the stockbroking part of the business and growing the value of client money and client asset balances”.
Is Trading 212 planning an IPO?
No. According to company representatives, “Trading 212 does not currently have anything planned for a potential IPO, so we will refrain from sharing anything specific on the matter”.
Trading 212 valuation
According to PitchBook, Trading 212 has had three financing stages:
| Deal Type | Date | Amount |
| Series A | 27-Jul-2021 | $19M |
| Seed | 01-Aug-2020 | $2.62M |
| Seed | 01-Mar-2017 | – |
Since we have no information about the proportion of the company equity that was obtained, we have no way of knowing the Trading 212 valuation.
Bottom line
All in all, Trading 212 has established itself as a key player in the online brokerage industry, particularly in the UK and Europe. With a user base of 4.5 million and £30 billion in assets under management, the company has seen notable growth since its inception in 2004.
However, financial challenges have emerged, with revenues falling from £139 million in 2021 to £116 million in 2023, before rebounding strongly to £194 million in 2024. Profits after tax also dropped from £73 million in 2021 to £23 million in 2023, but recovered to £44 million in 2024. Despite these fluctuations, the company remains focused on its stockbroking platform, reducing reliance on CFD trading.
While no IPO is currently planned, Trading 212’s expansion strategy and client base position it for further potential growth in the future.
