Trading 212 Sees 318% Rise in 2020 Revenue, Seeks German License

London-headquartered Trading 212 published its annual financials for 2020, reporting almost a 318 percent jump in its revenue. The group company generated £124.1 million in revenue in 2020, jumping from £29.7 million in the prior year.

Additionally, the pre-tax profits jumped 60 percent to £15.2 million. The after-tax profits came in at £10.1 million, improving from the previous year’s £8.5 million.

“This growth has been caused, partly by broader market trends and activity but also crucially by the increasing popularity of the platform and our product offering,” Trading 212 stated in the latest Companies House filing.

“External factors have also contributed to the significant demand for T212’s services and include both the well-publicized surge of public interest in the stock markets seen in early 2021 as well as the COVID pandemic.”

The surged market demand resulted in increased account openings and transaction volumes, the company detailed. In addition, it witnessed a significant jump in the activities of both new and existing users.

Moreover, the broker highlighted that the  client money  and asset balances on its platform jumped from £30 million in 2019 to £2.1 billion in 2020. It ended 2021 with this figure skyrocketing to more than £3 billion.

Strengthening Business

Trading 212 operates globally, except for some restricted markets, and offers a wide range of services that include trading with contracts for differences (CFDs) instruments and stockbroking. The company has pivoted its focus heavily towards stockbroking in the past few years which turned out to be a massive success for it.

Though most of its operations were conducted under its license from the British and Bulgarian regulator, it gained another license from the Cyprus Securities and Exchange Commission ( CySEC  ) last year. It will migrate the Europen clients onboarded under the UK entity to the Cypriot entity in early 2022.

But, the broker is focused to strengthen its presence in Europe further and is now seeking a license from the German regulator.

London-headquartered Trading 212 published its annual financials for 2020, reporting almost a 318 percent jump in its revenue. The group company generated £124.1 million in revenue in 2020, jumping from £29.7 million in the prior year.

Additionally, the pre-tax profits jumped 60 percent to £15.2 million. The after-tax profits came in at £10.1 million, improving from the previous year’s £8.5 million.

“This growth has been caused, partly by broader market trends and activity but also crucially by the increasing popularity of the platform and our product offering,” Trading 212 stated in the latest Companies House filing.

“External factors have also contributed to the significant demand for T212’s services and include both the well-publicized surge of public interest in the stock markets seen in early 2021 as well as the COVID pandemic.”

The surged market demand resulted in increased account openings and transaction volumes, the company detailed. In addition, it witnessed a significant jump in the activities of both new and existing users.

Moreover, the broker highlighted that the  client money  and asset balances on its platform jumped from £30 million in 2019 to £2.1 billion in 2020. It ended 2021 with this figure skyrocketing to more than £3 billion.

Strengthening Business

Trading 212 operates globally, except for some restricted markets, and offers a wide range of services that include trading with contracts for differences (CFDs) instruments and stockbroking. The company has pivoted its focus heavily towards stockbroking in the past few years which turned out to be a massive success for it.

Though most of its operations were conducted under its license from the British and Bulgarian regulator, it gained another license from the Cyprus Securities and Exchange Commission ( CySEC  ) last year. It will migrate the Europen clients onboarded under the UK entity to the Cypriot entity in early 2022.

But, the broker is focused to strengthen its presence in Europe further and is now seeking a license from the German regulator.

Source: https://www.financemagnates.com/forex/brokers/trading-212-sees-318-rise-in-2020-revenue-seeks-german-license/