Trade Republic的散户储蓄赌注：估值125亿欧元，超千万首次投资者

做的是什么生意

Trade Republic is a Berlin mobile brokerage turned bank: it gives retail investors cheap access to stocks and ETF savings plans, and after its 2023 full ECB banking license it added a card, current account and interest on uninvested cash, managing over €150B in client assets.

启动资金：Trade Republic raised more than €1 billion in primary capital across its funding rounds before the December 2025 secondary.

起因

Co-founded by Christian Hecker, Trade Republic launched in 2019 with the mission of closing Europe's pension gap by giving small savers simple, low-cost access to capital markets - a wager on a cultural shift toward retail investing in a region where most households kept savings in cash and bank deposits.

经过

Trade Republic raised over €1 billion in primary capital and received a full banking license from the ECB in 2023. In its first full fiscal year under that license (October 2023 to September 2024) it posted an audited surplus of €34.8M, after a first profit of €14M the year before, with total revenues up more than 75% to around €340M and commission income of about €316M. It launched its own card and current account in 2024, and by mid-September 2025 customers passed 10 million while assets under management grew from about €100B to €150B during the year.

结果

On 2025-12-17 Trade Republic announced a €1.2B secondary in which early shareholders sold to Founders Fund, Sequoia, Accel, TCV and Thrive Capital and new investors Wellington, GIC, Fidelity, Khosla Ventures, Lingotto and Aglaé - valuing the company at €12.5B, up from €5B in its 2022 round. The company says it is profitable for a third consecutive year, needs no new capital, and is still scaling across France, Italy, Spain, the Netherlands and Austria.

可借鉴之处

仅靠低成本执行是逐底竞争；持久的策略是将大规模散户流量转化为持牌银行，使现金、支付和储蓄复合增长，而规模——而非费用——驱动利润。