BERLIN Reuters Trade Republic, one of a crop of European online brokerages that have drawn comparisons with Robinhood, said on Thursday it had raised 900 million from investors at a valuation of more than 5 billion.
Trade Republic, which was founded six years ago in Berlin and counts over a million customers in Germany, France and Austria, said the Series C round was led by Sequoia, the Silicon Valley investor that recently opened an office in London.
Like Robinhood, which has spawned a new class of U.S. retail investor that has powered the latest bull market in stocks, Trade Republic offers commissionfree investment via an easytouse smartphone app.
Trade Republic offers free exchangetraded fund savings plans and commissionfree investing in shares and cryptocurrencies. It now has assets under management of 6 billion euros 7.3 billion.
Fifty percent of Trade Republics customers, over 500,000 people, have never invested in capital markets before in their life, said cofounder Thomas Pischke.
Joining the investment round were TCV and Thrive Capital, as well as existing investors Accel, Founders Fund, Creandum and Project A.
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Reporting by Douglas Busvine, editing by Thomas Escritt, Kirsti Knolle