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Trade Republic, a leading savings platform in Europe, has expanded its services to Italy, offering a free current account and local IBAN. The Berlin-based fintech company, which boasts over 8 million customers and manages assets exceeding 100 billion euros, is now directly competing with incumbent banks in Italy by introducing the first international fintech automated tax deduction system known as the Regime Amministrato.
The company’s rapid growth is highlighted by its recent successful launch in France just three weeks prior. With more than one-third of its customer base coming from international markets, Trade Republic’s expansion underscores the increasing need for cost-effective and straightforward savings solutions, which are crucial for private retirement planning throughout Europe.
Christian Hecker, Co-Founder of Trade Republic, emphasized the urgency of addressing the pension gap, a significant challenge that governments have yet to solve. Hecker stated, "Millions of Europeans have realized that their governments lack solutions for one of the most critical challenges of our time. The pension gap is a predictable and measurable problem that continues to be overlooked in political discussions." Hecker further highlighted Trade Republic’s commitment to developing localized savings products to empower individuals to take charge of their financial futures.
Trade Republic’s innovative approach to banking includes a full banking license, national branches, and proprietary infrastructure. The company offers a range of personalized banking services, such as a free current account, 1 percent Saveback on card payments reinvested into savings plans, and 3 percent annual interest on all balances. These features aim to integrate seamlessly into customers’ daily lives, fostering self-directed wealth building.
Julian Collin, General Manager International Markets at Trade Republic, pointed out the importance of customizing solutions to local requirements. Collin said, "The pension gap is a European problem. However, the solutions for our customers must be tailored to local needs. Our mission is to offer every European the best possible tools for long-term saving." He noted that Italy is the second major European market to receive localized products from Trade Republic this year, marking a significant step in driving growth and increasing competition within the traditional banking sector.
Trade Republic’s strategy of consistent expansion and introducing innovative financial solutions is setting new standards in European banking. The company’s use of modern technology and user-centric services is demonstrating how the financial sector can be transformed, allowing millions of Europeans to simplify their financial lives and embark on the path to private wealth creation.
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