Commerce Republic, a mobile-based investing app, has secured €62 million (appr. $67 million) in capital via a Collection B funding spherical led by Accel and the Founders Fund.
The cash raised will likely be used to increase the corporate’s line of services and products. The funds will even be allotted towards the event of a European platform for cell saving, investing, and buying and selling.
Established in 2015 and licensed to function in Germany, Commerce Republic could also be thought of the European equal of US Fintech unicorn Robinhood. The platform permits customers to make investments in shares, exchange-traded funds (ETFs), and derivatives merchandise.
The Commerce Republic platform is accessible from cell gadgets and gives zero-fee buying and selling.
The Berlin-headquartered firm’s purchasers embrace monetary giants BlackRock, HSBC, and solarisBank. Commerce Republic claims greater than 150,000 customers.
The platform went dwell in Could of final 12 months. It now manages practically €1 billion in complete belongings.
Christian Hecker, co-founder at Commerce Republic, acknowledged:
“About 85% of belongings of European households are in financial institution accounts with largely zero or unfavorable rates of interest. Our app permits individuals to take a position their cash safely, shortly, and transparently. By doing so, we’re democratizing entry to capital markets.”
The agency has arrange a ready record in Austria, and is planning to start providing its providers inside the subsequent few months. It additionally intends to increase operations into different components of Europe.
Accel, a multinational enterprise capital firm, has beforehand invested in giant companies similar to Fb, Slack, and Spotify. Founders Fund, which is funded by billionaire Peter Thiel, has made strategic investments in AirBnB, Palantir, and SpaceX.
“Commerce Republic’s fast development in Germany testifies to the prevalence of its expertise platform over legacy choices. The corporate is poised to change into a serious participant in European finance.”