Christian Hecker / Trade Republic
German neobroker Trade Republic reached profitability in 2023
A "solid double-digit million euro amount” according to CEO and co-founder Christian Hecker
Investment app Trade Republic reported its first net profit for both the calendar year 2023 and its financial year to 30 September 2023.
The milestone comes five years after Trade Republic first launched, and eight years after Christian Hecker, Marco Cancellieri and Thomas Pischke co-founded the company in Berlin.
In a comment to the Financial Times, Hecker described the profit as a “solid double-digit million euro amount”.
It’s a sharp improvement from the €145m net loss Trade Republic turned in its last financial year, and comes as Hecker reported the company now has €35bn in assets under administration.
As well as these milestones the neobroker also opened a waiting list for its own branded Visa card, part of a shift in the business as it moves towards offering savings and now spending too.
“This makes us one of the most important banks for a new generation of young savers in Europe”, Hecker said.
“With the Trade Republic card, these people can manage an additional part of their financial lives with us.”
Trade Republic’s card offers 1 per cent cashback into a user’s savings plan, while customers can also round up their payments to invest the change into assets.
“Every act of spending is an act of savings,” Hecker said. “This empowers every individual, regardless of income, to start their savings plan and begin building wealth. On our fifth birthday, this is a key milestone on our mission.”