MorgenFund
MorgenFund GmbH is a Frankfurt-based independent digital investment depot platform offering funds and ETFs to retail investors, professional intermediaries, and institutional clients across Germany and Luxembourg via web, mobile, and partner channels.
- Company typePrivate
- Founded2022
- HeadquartersFrankfurt, Germany
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What MorgenFund does
MorgenFund GmbH is an independent Frankfurt-based fund platform that emerged in December 2022 from the legal succession of the DWS Investment Platform under § 2 Abs. 6 Satz 1 Nr. 8 KWG and operates as a regulated securities institution under German WpHG, KAGB, GWG, MiFID II, and Luxembourg law. The company provides a digital investment depot for funds and ETFs accessible via web (online.morgenfund.com) and a mobile app on iOS and Android, with onboarding through BaFin-authorized WebID video identification and in-app transaction authorization via Digital-TAN (launched November 8, 2023). Distribution is structured in three segments: MorgenFund private (retail and occupational investors), MorgenFund connect (professional intermediaries including broker pools, distribution organizations, asset managers, and liability shields via the Partner@Web portal), and MorgenFund pro (institutional investors), with a Luxembourg branch (Munsbach/Bettembourg) handling cross-border depot custody.
The product portfolio centers on the MorgenFund Depot with tiered variants including Depot Kids (free for minors), Depot Online (€19.90/year), Depot Twenty5 (€12-€18 for ages 18-25), Depot Basis (€12/year, single-position), Depot Standard (€36/year, unlimited positions), and a grandfathered Depot Offline (€39.90/year) for legacy customers. Adjacent products include a Digital Wealth Management service at 0.75% p.a. on assets plus 0.29-0.33% fund costs (minimum €400 lump sum or €50/month savings plan) leveraging DWS portfolio management expertise, a VL-Depot for government-sponsored employee savings with a €12/year contract fee and 7-year lock-up, and an upcoming Altersvorsorgedepot (retirement savings depot) developed in partnership with Franklin Templeton for launch in 2027 aligned with German pension reform.
Revenue is generated through depot management fees (Depotführungsentgelt), asset-based Verwaltungsentgelt of 0.1% p.a. (capped at €150/year) on ETF/fund balances without distribution commissions, ongoing distribution commissions (Vertriebsprovisionen) received from capital management companies, Digital Wealth Management fees, and VL contract fees. The integrated DWS relationship provides ongoing access to 600+ investment experts and DWS's broader fund universe, while proprietary differentiators include electronic postbox document archiving for 10 years post-closure, biometric mobile authentication, and a new four-category product admission framework replacing the prior suitability knowledge questionnaire.
MorgenFund firmographics
Firmographics- Name
- MorgenFund
- Legal name
- MorgenFund GmbH
- Website
- https://www.morgenfund.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- MorgenFund GmbH is a Frankfurt-based independent digital investment depot platform offering funds and ETFs to retail investors, professional intermediaries, and institutional clients across Germany and Luxembourg via web, mobile, and partner channels.
- Ownership category
- akta.pro rank
MorgenFund industry classification
Industry- Product category
- Digital Investment Platform
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sub-Accounting & Platform Servicing (Omnibus, Intermediary/NSCC, Retirement Platforms) (FSAAAMAI)
Keywords
Where MorgenFund is headquartered
LocationHeadquarters
- HQ city
- Frankfurt
- HQ country
- Germany
- HQ region
- Europe
Offices5 records
Markets served
MorgenFund business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Depotführungsentgelt (Depot Management Fees): Annual depot management fees charged to customers for custody and administration of fund shares. Fee varies by depot model (Online vs Offline) and customer segment.
- Verwaltungsentgelt (Management Fee on ETFs/Funds): 0.1% p.a. on average monthly balance for ETFs and fund share classes without ongoing distribution commissions. Capped at 150 EUR per year.
- Digital Wealth Management Fee: 0.75% annual fee on invested assets for digital asset management service. Additional fund costs of 0.29-0.33% apply.
- Distribution Commissions (Vertriebsprovisionen): Ongoing trail commissions received from capital management companies (Kapitalverwaltungsgesellschaften) for distributing investment funds. Includes both one-time acquisition commissions and recurring distribution payments.
- VL-Vertragsentgelt: Annual contract fee of 12 EUR per active asset-linked savings (VL) contract for government-sponsored employee savings scheme.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | MorgenFund Depot Kids - Free depot for minors until 18th birthday |
| Subscription | Annual | MorgenFund Depot Online - Online depot with electronic postbox |
| Subscription | Annual | MorgenFund Depot Offline - Legacy offline depot (existing customers only, opened before 19.05.2025) |
| Subscription | Annual | MorgenFund Depot Twenty5 - For young adults aged 18-25 |
| Subscription | Annual | MorgenFund Depot Basis - Limited to one depot position |
| Subscription | Annual | MorgenFund Depot Standard - Unlimited depot positions |
| Subscription | Annual | VL-Vertragsentgelt - Asset-building contract fee |
| Unit Pricing | Pay-as-you-go | Verwaltungsentgelt - Management fee for ETFs and funds without distribution commissions |
| Subscription | Annual | Digital Wealth Management - Automated investing service |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels3 records
MorgenFund product offering
Product offeringCore offering
MorgenFund operates a regulated digital investment depot platform that enables private investors, professional intermediaries, and institutional clients to buy, hold, and manage shares in a broad open-architecture universe of investment funds and ETFs. The platform is delivered through three tailored portals (MorgenFund private for retail, MorgenFund connect for intermediaries, MorgenFund pro for institutions), supported by a web interface, the MorgenFund App, an electronic document postbox, and an optional automated digital wealth management service backed by DWS portfolio management expertise.
Product overview
MorgenFund operates as a multi-segment digital investment platform offering securities depot services across three customer tiers: MorgenFund private (retail investors), MorgenFund connect (professional intermediaries and partners), and MorgenFund pro (institutional investors). The core offering centers on the MorgenFund Depot for fund and ETF management, available as Depot Kids (fee-free for minors), Depot Online (EUR 19.90/year with digital postbox), and Depot Offline (EUR 39.90/year for legacy customers). Additional modules include the MorgenFund App for mobile trading, MorgenFund Online Investing (digital wealth management with DWS portfolio management expertise, minimum EUR 400/50 EUR monthly), Partner@Web for distribution partners, the Altersvorsorgedepot retirement depot launching in 2027 in partnership with Franklin Templeton, and specialized VL-Depots for employee savings schemes. The platform operates in Germany and Luxembourg with digital onboarding via video identification.
Differentiator
Problem solved
Functional benefit
Brands
- MorgenFund private: Service offering for private and occupational investors (Privat- und betriebliche Anleger).
- MorgenFund connect
- MorgenFund pro
- MorgenFund Depot Kids
- MorgenFund Depot Online
- MorgenFund Depot Offline
- MorgenFund Online Investing
Products and services
- MorgenFund Depot Core digital securities depot product for holding and trading a broad universe of investment funds and ETFs in Germany and Luxembourg; available in multiple sub-models tailored to minors (Depot Kids), young adults (Twenty5), online self-service (Online), legacy offline holders (Offline), and standard retail customers (Basis/Standard). Customers manage positions via web interface and the MorgenFund App.
- MorgenFund App Standalone mobile application for iOS and Android that enables fund/ETF trading, depot and multi-depot management, portfolio viewing, biometric authentication (Face ID/fingerprint), and secure transaction authorization via Digital-TAN. Used by both private investors and partner-segment clients.
- MorgenFund Online Investing (Digitale Vermögensverwaltung) Automated digital wealth management service combining digital convenience with DWS portfolio management expertise (over 600 investment experts). Invests across a diversified mix of active and passive investment funds within seven target volatility bands (4.5% to 13.5%); minimum investment of EUR 400 lump sum or EUR 50 monthly savings plan; annual fee 0.75% plus fund costs of 0.29–0.33%.
- MorgenFund connect Dedicated platform and partner portal (Partner@Web) for professional financial intermediaries including broker pools (Maklerpools), distribution organizations (Vertriebsorganisationen), asset managers (Vermögensverwalter), advisors (Vermittler), and liability shields (Haftungsdächer), enabling multi-client depot management and fund distribution.
- MorgenFund pro Dedicated platform service for institutional investors providing institutional-grade investment depot and portfolio management capabilities under MiFID II/KAGB/WPHG compliance.
- Partner@Web Web-based partner portal used by MorgenFund connect intermediaries and distribution partners to manage client relationships, access forms, and download documentation; serves as the operational backbone for the B2B partner channel.
- VL-Depot (Vermögenswirksame Leistungen) Dedicated savings depot for German government-sponsored employee savings schemes (Vermögenswirksame Leistungen), allowing employee savers to use state allowances; subject to a 7-year lock-up period.
Quantifiable outcome
- Digital wealth management can start with as little as 400 EUR lump sum or 50 EUR monthly savings plan
- +1 more outcomes
Companies that use MorgenFund
Customer profileSegments4 records
Ideal customer profiles3 records
MorgenFund technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
MorgenFund partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Franklin TempletoncoreMorgenFund and Franklin Templeton launched a joint retirement depot (AV-Depot) for modern retirement planning in Germany (effective 2027). The partnership combines Franklin Templeton's investment expertise with MorgenFund's platform solution to create a scalable, forward-looking offering for German retirement savers.
- WebID SolutionscoreWebID Solutions GmbH (based in Berlin) is the partner for secure encrypted video identification. The BAFIN-authorized procedure complies with German Anti-Money Laundering Act (GWG) requirements for customer identity verification during account opening.
- DWS (Deutsche Bank Gruppe)coreMorgenFund originated from the DWS investment platform. DWS provides investment expertise and portfolio management for MorgenFund's digital wealth management offering. DWS manages over 650 billion EUR in assets with over 600 investment experts. The partnership provides access to DWS's CIO View market analysis and fund selection process.
Scale indicators3 records
Recent moves9 records
Expansion highlights5 records
MorgenFund competitors and assessment
Company assessmentEmerging players
- Trade Republic: Leading German neobroker with retail depot, savings plans and ETF/savings offering. Adjacent rather than head-on: competes for the same digital-first retail saver but is execution-led rather than fund-platform-led.
- Wealthpilot: German digital wealth management platform (B2B2C) serving bank advisors and intermediaries with managed-portfolio infrastructure. Overlaps with MorgenFund's robo-advice and connect intermediary offerings, but without the depot custody stack.
- Quirin Privatbank (Quirion): One of Germany's longest-running robo-advisors under the Quirion brand. Comparable on the Digitale Vermögensverwaltung product line, while remaining a smaller, single-channel competitor.
Broad incumbents
- DWS Group: Former parent of the platform business MorgenFund was carved out of. As a top-tier European asset manager with EUR 650bn+ AUM, DWS is both upstream supplier (portfolio management) and a broader incumbent with overlapping fund/distribution capabilities.
- Comdirect (BNP Paribas): Established German direct bank with a retail depot covering funds, ETFs and securities trading. A broader incumbent that competes for the same end-customer retail depot demand as MorgenFund private.
Direct peers
- Scalable Capital: German digital wealth platform combining a robo-advisor with a discount broker. Directly comparable to MorgenFund on the digital wealth management (Digitale Vermögensverwaltung) product and the digital-first retail depot experience.
- Baader Bank: German platform bank providing depot custody, fund trading and intermediation services to brokers and capital management companies. Competes head-on with MorgenFund for intermediary custody and B2B fund distribution.
- ebase (FNZ Group): German fund-depot platform servicing broker pools and intermediaries. Operates a near-identical B2B2C model to MorgenFund connect, including depot administration, fund trading and sub-accounting for advisors, making it the closest direct competitor.
- FIL Fondsbank (Fionn.fund): Fund platform within the Fidelity group providing depot custody and fund distribution to German intermediaries. Overlaps directly with MorgenFund's connect offering and fund/ETF trading capabilities.
Others
- Franklin Templeton: Global asset manager partnering with MorgenFund on the 2027 Altersvorsorgedepot. Commercially intertwined as a content/distribution partner and a potential competitor for retail fund distribution in Germany over time.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
MorgenFund social profiles
Digital presenceMorgenFund compliance and trust
Trust signalCompliance5 records
MorgenFund financial estimates
Financial estimateRevenue estimate
Valuation estimate
MorgenFund leadership team
Management profileNumber of profiles
Profiles1 record
MorgenFund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MorgenFund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MorgenFund
What does MorgenFund do?
MorgenFund operates a regulated digital investment depot platform that enables private investors, professional intermediaries, and institutional clients to buy, hold, and manage shares in a broad open-architecture universe of investment funds and ETFs. The platform is delivered through three tailored portals (MorgenFund private for retail, MorgenFund connect for intermediaries, MorgenFund pro for institutions), supported by a web interface, the MorgenFund App, an electronic document postbox, and an optional automated digital wealth management service backed by DWS portfolio management expertise.
Is MorgenFund a public or private company?
MorgenFund is a private company. It is classified as unknown and is currently operating.
When was MorgenFund founded?
MorgenFund was founded in 2022. It employs 101 to 250 people.
Where is MorgenFund based?
MorgenFund is headquartered in Frankfurt, Germany, in the Europe region.
How does MorgenFund make money?
Five revenue lines are on record. Depotführungsentgelt (Depot Management Fees) is the primary driver. The others are verwaltungsentgelt (Management Fee on ETFs/Funds), digital Wealth Management Fee, distribution Commissions (Vertriebsprovisionen) and VL-Vertragsentgelt.
Who are MorgenFund's main competitors?
Emerging players on record are Trade Republic, Wealthpilot and Quirin Privatbank (Quirion). Broad incumbents are DWS Group and Comdirect (BNP Paribas). Direct peers are Scalable Capital, Baader Bank, ebase (FNZ Group) and FIL Fondsbank (Fionn.fund). Franklin Templeton is listed as an others.
Does MorgenFund have an API?
No public API is recorded for MorgenFund.
What industry is MorgenFund in?
MorgenFund's product category is Digital Investment Platform. Its primary akta.pro industry code is FSAAAMAI, Sub-Accounting & Platform Servicing (Omnibus, Intermediary/NSCC, Retirement Platforms). Its NAICS code is 523940 and its SIC code is 6282.