Baader Bank

What Baader Bank does

Baader Bank AG is a German full-service bank (Vollbanklizenz) founded in 1983 and headquartered in Unterschleißheim, listed on the m:access segment of Börse München and majority-owned (71.79%) by Baader Finanzholding GmbH & Co. KG. It operates across five business fields — Market Making, Capital Markets, Brokerage, Account Services, and Fund Services — unified by a proprietary in-house IT platform that powers trading, settlement, custody, and fund administration for both B2B partners and direct retail clients.

The bank's core go-to-market is a B2B2C platform model: it supplies trading and banking infrastructure to neobrokers, fintechs, asset managers, family offices, and corporate issuers, including named partners such as FlatexDEGIRO, eToro, Bitvavo, and Finanzen.net ZERO. Market making covers more than 800,000 financial instruments across global exchanges, while the Capital Markets segment anchors issuer distribution through proprietary events (Baader Investment Conference, Swiss Equities Conference) and research/corporate-access partnerships with Erste Group and Nordea. EUR 40.7 billion in assets under custody (Q1 2026) underpins the Account Services and Fund Services revenue streams.

Revenue is generated primarily through trading commissions and spreads, market-making income, custody and account fees, fund servicing fees, and capital-markets advisory/placement fees. FY2025 revenue of EUR 320.2 million (+29% YoY) and pre-tax profit of EUR 72.9 million (+81% YoY) produced a 26.8% ROE, supported by a 22.29% total capital ratio and EUR 232.9 million of equity. In 2024 Baader extended the model directly to retail via the Baader Trading brand, and in 2025–2026 added 24/7 crypto trading, Saturday trading hours, new partners MyMarkets and JoeBroker, and a strategic stake in digital-asset custody specialist Tangany. Leadership transition to Oliver Riedel as CEO is scheduled for July 2026.

Name

Baader Bank

Legal name

Baader Bank Aktiengesellschaft

Website

https://baaderbank.de

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Baader Bank AG is a German full-service bank operating a proprietary B2B2C trading and banking platform across Market Making, Capital Markets, Brokerage, Account Services, and Fund Services, serving neobrokers, fintechs, asset managers, family offices, and retail clients across DACH and Europe.

Ownership category

akta.pro rank

Product category

Investment Banking & Securities Services

NAICS

Depository Credit Intermediation (5221), Offices of Bank Holding Companies (551111), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

National Commercial Banks (6021), Security Brokers, Dealers & Flotation Companies (6211), Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

Banking-as-a-Service (BaaS) Neobanks / Neobank Enablers (FSABAFAL)

akta.pro secondary industries

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK)

Keywords

• Securities trading services
• Market making
• Brokerage execution
• Capital markets advisory
• Crypto custody trading

Headquarters

HQ city

Unterschleißheim

HQ country

Germany

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Trading / Market Making: Results from trading operations including market making for over 800,000 securities in Germany and Austria, and OTC trading. In 2025, trading revenue doubled to EUR 131.3 million from EUR 66.7 million in 2024. Q1 2026 trading revenue was EUR 34.8 million.
2. Commission / Brokerage: Fee income from brokerage services and securities processing for partners. 2025 commission income was EUR 113.3 million (2024: EUR 102.3 million). Q1 2026 commission income was EUR 29.2 million.
3. Interest Income: Interest income from banking operations including customer deposits. 2025 interest income was EUR 45.4 million (2024: EUR 48.5 million). Q1 2026 interest income was EUR 8.5 million.
4. Capital Markets: Equity capital markets services including IPOs, capital increases, block trades, and advisory fees. Q1 2026 transactions included ASTA Energy Solutions IPO (EUR 190 million), Czechoslovak Group IPO (EUR 2.8 billion), and Super Copper capital increase (CAD 10 million).
5. Account and Fund Services: Custody, account management, and fund administration services for B2B partners including neobrokers, fintechs, asset managers, and family offices. Outsourced portfolio management services for UCITS funds, special funds, and derivative overlay mandates.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Baader Bank is a German full-service bank providing securities trading and banking infrastructure, including Market Making, Brokerage & Execution, Capital Markets Advisory, Research, Corporate Access, Special Execution, Account & Depot Services, Fund Services, and Crypto Trading & Custody. It serves as a B2B platform partner enabling neobrokers, fintechs, asset managers, family offices, banks, and corporate issuers to access pan-European securities markets, while also offering direct retail trading via the Baader Trading brand. The bank operates a proprietary IT platform that handles front-to-back office securities trading workflows and is registered as a Systematic Internalizer under MiFIR.

Product overview

Baader Bank is a family-owned full-service bank offering an integrated trading and banking platform under one roof. The product portfolio consists of Baader Trading (sub-brand for customer-facing trading services including market making, brokerage, and crypto trading), Banking services (Capital Markets, Research via Baader Europe/AlphaValue partnership, Corporate Access, and Special Execution), Services (Account & Depot Services and Fund Services), and flagship conferences (Baader Investment Conference and Swiss Equities Conference). The company operates as a B2B2C platform partner for NeoBrokers, fintechs, asset managers, and banks, while also serving retail customers through Baader Trading brand. The five operational business fields are Market Making, Capital Markets, Brokerage, Account Services, and Fund Services, all supported by proprietary IT infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Baader Trading: Retail customer-facing trading brand launched in 2024, offering market making, brokerage, and crypto trading services directly to private investors through the website baadertrading.de
• Baader Europe

Products and services

• Market Making Continuous bid/ask liquidity provision in European equities and equity-like instruments for institutional clients, asset managers, and partner platforms. The bank operates as a Systematic Internalizer under MiFIR for OTC trade execution across all liquid European equities and equity-like instruments.
• Brokerage & Execution Order routing and trade execution services in equities, ETFs, certificates, and derivatives for institutional clients, asset managers, family offices, banks, and end customers via partner platforms or Baader Trading.
• Capital Markets Advisory Advisory and execution services for corporate issuers on IPOs, capital increases, and bond issuances, particularly for German and Austrian mid-cap companies. Includes equity and debt capital markets advisory.
• Research Services Equity research coverage of German and Austrian listed companies (approximately 100+ companies), plus certificates and structured products research, supporting institutional clients, retail investors, and corporate issuers.
• Corporate Access Organization of investor conferences, roadshows, and corporate access events connecting institutional investors, asset managers, and family offices with corporate management teams. Baader Bank hosts the annual Baader Investment Conference, one of Europe's largest investor conferences.
• Special Execution Specialized execution services for complex, large-in-scale, or illiquid orders across European securities markets, providing tailored execution solutions for institutional clients.
• Account & Depot Services Securities account (depot) and cash account services provided under Baader Bank's full banking license, including custody, settlement, and related services for institutional clients, partner platforms, and retail customers.
• Fund Services Administration, custody, and servicing services for investment funds, including fund accounting, reporting, and related services for asset managers and fund initiators.
• Crypto Trading & Custody (Crypto Solutions) Trading and custody services for crypto and digital assets, offered under the Baader Crypto Solutions brand. Targets institutional clients, fintechs, and asset managers seeking regulated access to digital asset markets.
• Baader Trading (Direct Retail Trading Platform) Direct online trading platform and mobile application offering retail investors access to trading in stocks, ETFs, funds, derivatives, and crypto products, supported by research, market data, and corporate access events.

Quantifiable outcome

• EUR 320.2 million total revenues in 2025, up 29% year-over-year
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• NordeacoreGTM or Marketing Partner · 18 February 2026Cooperation for research and corporate access services. Partnership announced February 2026.
• Erste GroupcoreStrategic or Co-development Partner · 1 October 2024Cooperation in capital markets and trading business since October 2024. Focus on Equity Capital Markets activities, primary market distribution and deal execution services in Europe and North America, and research services for institutional clients. Erste Group is leading capital market bank in CEE region.
• Caixa BankcoreStrategic or Co-development Partner · 1 December 2022Cooperation in capital markets and research business since December 2022. Combined competencies in Equity Capital Markets, Research, and Corporate Access. Regional complementarity creates synergies in European capital markets.
• AlphaValuecoreStrategic or Co-development PartnerJoint pan-European equity research platform covering 600+ companies in 30 sectors. Combined team of 45 analysts providing independent research to institutional investors. Accessible via Bloomberg, Factset, Refinitiv, S&P Capital IQ.
• A.G.P. Canada Investments ULCminorChannel Partner/ Reseller/ DistributorCo-agent with Baader Bank AG for Super Copper brokered LIFE financing. Received 6% cash commission and broker warrants.

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Berenberg: Hamburg-based German private and investment bank with strong equity capital markets, research, and brokerage franchises serving mid-cap issuers in DACH. Comparable in ECM, research, and corporate access offerings to Baader's Banking division.
• ICF BANK: German BaaS bank providing white-label trading, custody, and banking infrastructure to fintechs, neobrokers, and asset managers. Closest direct competitor to Baader's B2B2C platform model with overlapping partner base in DACH.
• M.M.Warburg & CO: Hamburg-based independent German private bank offering investment banking, capital markets, and asset management. Comparable as a privately-held mid-cap German bank with ECM and corporate broking overlap.
• Solaris SE: Berlin-based European Banking-as-a-Service platform providing banking infrastructure to fintechs and digital businesses. Comparable as a European BaaS enabler serving similar partner segments.
• Hauck & Aufhäuser: Independent German private bank offering asset management, private banking, and corporate finance/B2B services for SMEs and institutional clients. Comparable as a mid-sized German full-service bank with similar customer mix and capital markets activities.
• Metzler: Frankfurt-based family-owned German bank focused on capital markets, asset management, and private banking. Comparable as a mid-sized German family-controlled investment bank with ECM and brokerage overlap.

Emerging players

• Scalable Capital: Munich-based European digital wealth manager and neobroker serving retail and B2B partners. Comparable as a German fintech/neobroker that requires banking infrastructure similar to what Baader provides via its platform.

Broad incumbents

• Trade Republic: Berlin-based German neobroker with millions of retail customers trading securities and ETFs. Comparable in the B2C brokerage segment accessed through Baader's platform; serves as both potential partner and competitive threat in retail trading.
• Donner & Reuschel: Hamburg-based German private bank offering wealth management, asset servicing, and capital markets services. Comparable as a mid-sized German full-service bank with overlap in capital markets and B2B institutional services.

Regional players

• Pareto Securities: Nordic-focused independent investment bank specializing in equity capital markets, corporate broking, and research for mid-cap issuers. Comparable as a regional mid-market ECM specialist with similar conference and corporate access model, but focused on Nordics rather than DACH.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@baaderbankag1983
• LinkedInde.linkedin.com/company/baaderbankag

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baader Bank