Accel, Founders Fund back €61.6m series-B for Trade Republic

Germany-based online brokerage Sino decreased its stake in the company from 30% to 15.7%, amounting to €8.4m, or €7.6m after taxes.

Following the round, Andreas Willius, former board member of the Stuttgart Stock Exchange, will succeed Ingo Hillen as managing director. Hillen will remain a member of the firm's advisory board.

Trade Republic Bank plans to use the fresh capital to develop new products for its customers and to expand across Europe. It currently operates in Germany and Austria.

Accel invested via Accel London VI, which held a final close in May 2019 on $575m. The fund invests in Europe-based companies, deploying equity cheques of $5-15m and generally focuses on series-A investments.

Creandum deployed equity from Creandum V, which invests €100,000-1m in seed rounds, €1-4m in early-stage rounds and €5-10m in later-stage rounds. The vehicle held a final close in June 2019 on €265m. The fund generally targets companies based in the Nordic region, but backed a €30m funding round for Berlin-based small business finance provider Billie in July 2019. 

Trade Bank is the fifth investment for Project A via Project A Ventures III, according to Unquote Data. The vehicle held a final close in September 2019 on €180m. It writes equity cheques of €500,000-5m and can invest up to €12m in a single portfolio company.

Trade Republic's series-B round is the fifth largest venture capital funding round in 2020, according to Unquote Data. It follows the announcement of Germany-based Taxfix's $65m series-C round in April 2020, backed by Index Ventures and existing investors Valar Ventures, Creandum and Redalpine, as reported by Unquote.

Previous funding
Creandum led a €10m series-A funding round for Trade Republic in July 2019. In March 2020, the company announced that several angel investors had also invested in a round for the business.

Company
Trade Republic was founded in 2015 and is based in Berlin. Its app allows users to save and invest their money, as well as trade without commission, starting with a minimum investment of €25.

The company has attracted 150,000 customers since its launch in May 2019 and manages around €1bn, according to a statement. It has 68 employees, according to LinkedIn, and plans to expand its team to 100 in the coming months.

People
Trade Republic Bank – Christian Hecker (co-founder, CEO); Thomas Pischke (co-founder).
Accel Partners – Luca Bocchio (partner).
Founders Fund – Peter Thiel (partner).

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• Topics
• Expansion
• DACH
• Technology
• Venture
• Germany
• Accel Ventures
• Creandum
• Project A Ventures