Trade Republic Launches Free Current Accounts in Italy

Trade Republic launches free current accounts in Italy with local IBAN and automated tax submissions for users.

Key Points:

• Trade Republic launches a free current account with local IBAN and automated tax services in Italy.
• The company’s international growth continues, with over one-third of customers coming from abroad.

Berlin-based online broker and retail wealth management company Trade Republic has launched its free current account with a local IBAN in Italy just three weeks after its debut in France. The move marks a significant expansion of the company’s presence in Europe, with the added benefit of offering automated tax submissions to local authorities.

Continued European Expansion and Strong Growth

Since its inception in 2015, Trade Republic has experienced impressive growth, serving over 8 million customers and managing more than €100 billion in assets. The company’s rapid international expansion reflects a growing demand for accessible and cost-effective financial services, particularly in planning. More than one-third of Trade Republic’s customers now come from global markets, and this number continues to rise.

Christian Hecker, Co-Founder of Trade Republic, emphasized the company’s mission to address the looming pension gap in Europe, a problem that governments have failed to solve. “Millions of Europeans have realized that their governments lack solutions for one of the most critical challenges of our time. Hecker stated that political discussions continue to overlook the predictable and measurable problem of the pension gap. He also highlighted that with its full banking license and proprietary infrastructure, Trade Republic is well-equipped to offer localized, cost-effective savings products to help individuals take control of their financial futures.

Julian Collin, General Manager for International Markets at Trade Republic, echoed Hecker’s sentiment, noting that the pension gap is a pan-European issue. However, he stressed that they must tailor the company’s solutions to local needs. “Our mission is to offer every European the best possible tools for long-term saving,” Collin said. “Following France, Italy is the second major European market where we’ve localized our product this year. This is another step forward in driving European growth and increasing competition within the traditional banking sector.”

Trade Republic Launches Free Current Accounts in Italy

Furthermore, the launch in Italy follows Trade Republic’s expansion into France, signaling the company’s aggressive push to localize its services and provide financial tools that cater to each country’s unique requirements. The new current account offering in Italy, which includes a local IBAN, is just one of the many features aimed at simplifying personal finance for its users. In addition, the automated tax submission service adds convenience for Italian users, making it easier to comply with local tax regulations.

Trade Republic is quickly becoming a prominent player in the European fintech space, offering services from savings plans and fractional trading of stocks, ETFs, and bonds to crypto trading and derivatives. The company also provides its customers with a Trade Republic card, which offers a 1% Saveback on card payments and pays the European Central Bank’s (ECB) interest rate to all customers on their current account balance.

As the Trade Republic continues to expand its European footprint, its innovative approach to banking and investment services is poised to challenge traditional financial institutions. With full supervision from the Federal Financial Supervisory Authority (BaFin) and Deutsche Bundesbank, the Berlin-based company has attracted significant backing from global investors, including Accel, Peter Thiel’s Founders Fund, Ontario Teachers’ Pension Plan, Sequoia, Creandum, and TCV.

As Trade Republic works toward empowering Europeans to take control of their financial futures, the company remains focused on providing easy, safe, and free access to the economic system for millions of customers across the continent.

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