New competition for Trade Republic & Co: Targobank launches neobroker “Joe Broker”

With “Joe Broker,” Targobank is venturing into the neobroker business – and competing with Germany’s market leader, Trade Republic.

On July 10, Targobank plans to launch its own neobroker: Joe Broker. The app will offer easy access to over 800,000 tradable securities – including stocks, ETFs, funds, bonds, and derivatives.

Sound familiar? It is. The concept isn't really new—rather, the player behind it is. With the launch, Targobank, previously known primarily as a traditional branch bank, is positioning itself as a competitor to Trade Republic.

Targobank brings considerable experience to the table: Active in the German banking market for almost 100 years, it currently has around 3.8 million customers and employs 7,400 people nationwide. Its headquarters are in Düsseldorf.

In addition to Targobank , Robinhood is also getting closer: The US neobroker is expanding its European activities , but is focusing on tokenized securities – an area that is under the scrutiny of the supervisory authorities.

In addition to the new competition, things haven't been going smoothly at Trade Republic recently. The Berlin-based fintech star had to deal with issues such as executing crypto savings plans . However, the company reacted quickly and corrected any errors.

Competitive pressure is growing: In addition to Scalable Capital, eToro, Degiro, XTB, Revolut, and N26, Targobank and Robinhood are now also joining the fray. This makes the fintech market broader for customers, but also more competitive.