Trade Republic Launches Localised Banking Products in Italy

The announcement comes just weeks after a successful launch in France. 

The company, which has over 8 million customers and more than €100 billion in assets under management, is introducing a free current account with a local IBAN and an automated tax submission system, directly competing with traditional banks.

As a result of the launch, Trade Republic has become the first international fintech to offer automated tax deductions in Italy through the Regime Amministrato. 

The company believes the “increasing demand for simple and cost-effective savings solutions underscores the vital importance of private retirement planning across Europe.”

Christian Hecker, Co-Founder of Trade Republic, 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 added that the company’s banking license and proprietary infrastructure allow it to develop affordable, localised products that empower individuals to secure their financial future.

Julian Collin, General Manager International Markets at Trade Republic, described Italy as a key market. He commented: “Following France, Italy is the second major European market this year where we’ve localized our product. This is another step forward in driving European growth and increasing competition within the traditional banking sector.”

With offerings such as a 1% Saveback on card payments, 3% annual interest on balances, and free savings plans, Trade Republic expects to continue to challenge the conventional banking model.