As Spain emerges as a significant player in Europe’s fintech race, Trade Republic raises the stakes with hyper-localised banking features and a bold promise: to become the default financial home for a new generation of savers and investors.
Trade Republic, a German fintech unicorn, has surpassed one million customers in Spain in less than four years after its launch. The company is now expanding its offering to include Spanish IBANs, automated tax services, uncapped deposit interest of 2.25%, and traspaso support, paving the way for a more competitive and localised digital banking presence.
Antón Díez Tubet, country manager for Spain and Portugal stated: “We want to ensure that everyone can have access to the best savings and investing opportunities. By introducing our new Spanish IBANs and a market-leading interest offering, all Spaniards can now benefit from our local infrastructure with a seamless and native banking experience.”
Spain as new battleground for digital banking
Trade Republic’s move reflects a bigger trend: Spain has emerged as a significant battlefield for digital banks in Europe.
With a historically under-digitised financial services market and a strong savings culture, Spain presents fertile chances for fintech disruption. In fact, digital-only banks such as Revolut, N26, Bunq, and local challenger Bnext have all extended their presence in the region, but many continue to struggle to match localised expectations, ranging from tax management to investment transfers such as traspasos, which are critical for long-term savings.
Trade Republic’s inclusion of Spanish IBANs and traspaso capabilities speaks directly to these needs. The company’s uncapped 2.25% interest rate also challenges incumbents, many of whom offer less than 1.5% on deposits.
From trading app to full-service neobank
Founded in 2015, Trade Republic initially rose to fame as a low-fee investment platform. But its ambition has since grown: it acquired a full banking license in 2023, manages over €100 billion in client assets, and now operates in 17 European countries with more than eight million users.
Spain’s full-service rollout mirrors the firm’s strategy in Germany, France, and Italy, where local branches have enabled faster product localisation, greater customer trust, and stronger regulatory footing.
Trade Republic’s product now includes:
- Spanish IBANs for salary deposits, bill payments, and more
- 2.25% annual interest, uncapped
- Automated tax withholding
- Access to 2,000+ funds from €1, including from BlackRock and Vanguard
- Traspaso compatibility for tax-efficient fund transfers
What does this mean for Spanish consumers?
A generation once wary of online-only banking is now embracing mobile-first platforms — especially those that combine high interest rates, fee transparency, and investment access in a single app.
But the shift is not just digital; it’s behavioural. According to the Bank of Spain, digital account openings surged by 34% year-on-year in 2024, and more than 40% of investors under 35 are now using platforms like Trade Republic, MyInvestor, or Indexa Capital for long-term planning.
Trade Republic’s latest push may not just disrupt traditional banks — it may force its fintech rivals to localize faster or risk losing relevance in one of Europe’s most promising digital banking markets.
