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HomeBankingGermany’s Scalable Capital secures $65m in Series E extension

Germany’s Scalable Capital secures $65m in Series E extension

Date:

  • Banking License Secured:
    • Trade Republic has obtained a full EU banking license from the European Central Bank (ECB).
  • Expanded Services:
    • The Berlin-based platform, self-described as “Europe’s largest savings platform,” can now offer essential banking services like deposits and lending across the continent.
  • Product Diversification:
    • Trade Republic, founded in 2015, plans to expand its product offerings beyond trading and investing, including bonds, derivatives, and crypto.
  • Wide Customer Base:
    • With over two million customers across 17 European markets, Trade Republic has a substantial user base.
  • Strategic Focus:
    • Despite the banking license, the company’s primary focus remains on the easy, secure, and affordable accumulation of wealth for its customers.
  • Corporate Governance Enhancement:
    • Trade Republic intends to strengthen its corporate governance by establishing an “experienced audit committee” alongside obtaining the new banking license.
  • Financial Developments:
    • In June 2022, Trade Republic raised €250 million in a Series C extension, reaching a post-money valuation of €5 billion, following a significant $900 million raised in the previous year’s initial Series C round.

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