BERLIN (dpa-AFX) - Online broker Trade Republic has grown strongly thanks to the introduction of current accounts and payment cards last year. The number of customers has doubled to eight million, the competitor of the Frankfurt-based broker Flatexdegiro announced in Berlin on Thursday. Assets under management rose to more than 100 billion euros. At the same time, Trade Republic was in the black, according to its own statements, but did not provide any more precise details.

The company ended 2024 "significantly profitable," CEO Christian Hecker told Focus magazine. The result was "even better than in 2023." He also expects Trade Republic to remain profitable in 2025, despite heavy investment in business expansion.

The high demand makes the manager confident. "We have never gained as many new customers as we have now at the turn of the year," he told the magazine. The assets managed for customers have tripled. Of the 100 billion euros invested with Trade Republic, around one-fifth is in overnight money and the majority in ETF savings plans.

Trade Republic now offers a free checking account with interest paid on credit balances and a free payment card. Both have contributed significantly to the strong customer growth, the company reported. The average age of customers has risen slightly and is now 30 years old.

Meanwhile, Hecker admitted that there were problems in customer service. This had not always kept pace with the rapid growth. However, Trade Republic had "invested heavily" in this area. But the number of customers had to be seen in perspective when considering the level of frustration among disappointed consumers. "Eight million customers stand in contrast to the triple-digit number of complaints."/stw/jha/