← State of Embedded Finance 2026

flatexDEGIRO

“Can a self-banked pan-European online broker vertically integrate the full brokerage and banking stack to become the default wealth-building platform for retail investors across Europe?”

Founded2006
HQFrankfurt am Main, Germany
IndustryFintech / Investment
The story

Founded in 2006 as flatex, Germany's first independent online broker with fixed-fee trading. Acquired Dutch broker DEGIRO in 2019, rebranding the combined entity as flatexDEGIRO and becoming Europe's largest pan-European retail online broker. The group's embedded finance angle rests on operating its own regulated bank (flatexDEGIRO Bank SE) to internalize banking, custody, cash accounts, and securities-backed credit — avoiding reliance on third-party BaaS providers. By 2024 it operated three brokerage platforms (flatex, DEGIRO, ViTrade) across 16 European countries, serving 3.5 million customers with over 75 million transactions per year.

Last 12 months
2024-01
2023-01
Product timeline
2006
flatex launched as the first independent online broker in Germany with fixed execution fees.· banking
2019
flatex AG acquired DEGIRO, the Netherlands-based pan-European retail broker, significantly expanding European footprint.· acquisition
2020
Combined group rebranded as flatexDEGIRO AG, creating Europe's largest and fastest-growing pan-European retail online broker.· pivot
2021
DEGIRO introduced zero-commission trading on top US and European exchanges across all markets.· banking
2023
Appointed Dr. Benon Janos as CFO and Stephan Simmang as CTO; abolished custody fees for flatex and ViTrade customers in Germany.· banking
2024
Achieved record results with sales revenue rising 23% to EUR 480 million; entity restructured to flatexDEGIRO SE.· pivot
Regulated entities
Bank license (Vollbanklizenz)
Germany (BaFin)
flatexDEGIRO Bank SE
The stack
Payments / PSP
flatexDEGIRO Bank SE (self-operated)
Banking / BaaS
flatexDEGIRO Bank SE (in-house)
Lending
Securities-backed loan (Wertpapierkredit) — up to EUR 250,000, 6.25% p.a., unlimited term, repayable at any time
KYC
Fourthline
Accounting gap: none