Editor’s Note
This article details the evolution of Trade Republic from a securities broker into a multi-service fintech, now offering banking products like a Visa debit card and an interest-bearing cash account to its millions of European customers.
Founded in 2015 as a broker, Trade Republic has developed from a small startup into one of Europe’s most valuable fintech companies. The fintech counts around eight million customers in over 15 countries and, according to its own statements, manages 100 billion euros in assets. Originally founded as a broker focused on securities, Trade Republic now offers many banking services with the Visa debit card* and the cash account with IBAN and currently two percent interest.
The virtual debit card was available in the app immediately after the application. Integration into Apple Pay worked without any problems – as did the first payment at the supermarket. A week later, the physical mirror card was in the mailbox, which also worked immediately upon receipt. I had set the PIN in advance via the banking app. Many parameters such as the payment limit can also be set here and the cashback can be managed.
Setting up the IBAN was also straightforward. After I pressed the activate button, the IBAN was directly visible via my banking profile. An important innovation for me is that I can now transfer money from my main bank’s current account directly to Trade Republic and no longer have to go via the partner bank.
Paying at the supermarket was already possible without any problems with the virtual debit card. Immediately after the payment, I receive a push notification on my smartphone, provided this has been activated. Later, the banking app can be used to see how much cashback the transaction brought. Customers can also optionally activate a rounding-up rule – this money then flows into a savings plan.
The Debit Card from Trade Republic:
Strictly speaking, it is a debit card linked to the Trade Republic current account. However, there is no credit line, which is why the term credit card is not entirely correct. Customers automatically receive a virtual Visa card with the current account. A physical bank card is issued for a one-time fee. The mirror debit card made of metal costs 50 euros once.
The Current Account from Trade Republic:
The Trade Republic cash account* originally served as a settlement account. It is now a current account with its own IBAN, into which money can be paid in and out. Trade Republic currently pays two percent interest per year on the credit balance.
