European online broker Trade Republic is launching its service in Ireland from today.
The German based platform allows users to buy a large range of stocks and engage in regular savings through hundreds of exchange traded funds (ETFs) and other products managed by third parties.
The website and app currently has around a million users and over €6 billion in assets under management.
The company targets those who want to try to earn more on their savings that they currently receive from depositing cash in a bank by offering access to products that may or may not produce a higher yield.
It also claims to charge less than traditional brokers for the services.
"With inflation being at almost 9% in Ireland, there really is no alternative to investing," said Hugo Suidgeest, Country Manager of Trade Republic in Ireland.
"Everyone who leaves their money just sitting in their bank account will lose purchasing power year over year, and the state pension - even if you work until 70 years of age - will probably not be enough to keep up your lifestyle."
Founded in 2015 by Germans Christian Hecker, Thomas Pischke and Marco Cancellieri and launched first in Germany three years ago, Trade Republic's services are now available in 17 countries.
It is licensed in Germany and supervised by the Bundesbank and the German federal financial supervisory authority, BaFin.
The platform charges a flat fee of €1 per transaction for settlement, while automated transactions such as savings plans are free of charge.
Mr Suidgeest said that in order to ensure users are offered suitable products, they are required to fill in their level of investing experience when signing up for the service.
Trade Republic also recommends that retail investors use savings plans which are automated and spreads out investment over time.
In total Trade Republic will offer Irish users access to 8,000 stocks and 1,100 ETFs, as well as 3,600 stock and ETF savings plans.
It also offers 300,000 derivatives as well as over 50 cryptocurrencies and savings plans based on crypto.
However, these products will not initially be available in Ireland, although the company said it will probably offer crypto products at some point, subject to approval from the Central Bank of Ireland.
The company does not offer traditional cash savings accounts.
Mr Suidgeest said that the platform wants to show people that investing is not a hobby for the very wealthy or those who studied finance, and can be very easy.
The business, which employs around 700 people, has concluded four fundraising rounds worth €1.3 billion, and counts among its backers Ontario Teachers Pension Plan Sequoia, TCV, Thrive Capital, Accel, Creandum and sino AG.
