What Smartbroker Holding does

Smartbroker Holding AG is a publicly-listed (Frankfurt Basic Board, ISIN DE000A2GS609) German financial services group headquartered in Berlin that operates two integrated business segments: a digital online brokerage and a network of financial media portals. The brokerage arm centers on SMARTBROKER+, a fully rebuilt trading platform launched in August 2023 across iOS, Android and Web, which uniquely combines the product breadth of traditional German brokers with permanent €0 commission pricing on German venues, ~1,100 ETF savings plans (~850 fee-free), ~350 stock savings plans from a €25 minimum, and access to 1.5M+ derivatives through premium partners including Morgan Stanley, UBS, HSBC, Vontobel, JP Morgan, UniCredit, BNP Paribas and Citi. All custody, account management, transaction processing and clearing are outsourced to Baader Bank under a December 2022 strategic partnership.

The media segment comprises four wholly-owned financial portals (wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, ariva.de) that collectively generate 240+ million monthly page impressions and host 970,000+ registered community users producing 12,000+ daily reader opinions, making the group the largest publisher-independent financial portal operator in German-speaking Europe. As of year-end 2025 the platform served 259,000+ brokerage customers with €14.7 billion in assets under custody, executing 6.7 million trades.

The group generated €68.28 million in FY2025 revenue (up 30.1% YoY), split between transaction/brokerage (€40.14M) and advertising on the media portals (€28.14M, 23.8% EBITDA margin), supported by €19.87 million in cash, a 73.4% equity ratio, and a 200+ employee team (~50% in technology). The founder, André Kolbinger, who re-joined as CEO in August 2022, controls ~59% of the equity, with a 36% free float. The business model is exposed to the mid-2026 EU ban on payment for order flow, while planned entry into the government-mandated Altersvorsorgedepot market from 2027 represents the next major growth vector.

Name

Smartbroker Holding

Legal name

Smartbroker Holding AG

Website

https://smartbroker-holding.de

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Smartbroker Holding AG operates SMARTBROKER+, a €0-commission German digital broker serving 259,000+ retail customers with €14.7B assets under custody, alongside four owned financial media portals reaching 240M+ monthly page impressions across German-speaking Europe.

Ownership category

akta.pro rank

Product category

Online Retail Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Discount & Online Retail Brokerage (FSAEACAB)

akta.pro secondary industry

Digital Brokerage & Self-Directed Investing Platforms (FSAGAEAC)

Keywords

• Online brokerage services
• Retail securities trading
• ETF savings plans
• Financial news portals
• Digital wealth investing

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Transaction/Brokerage Revenue: Revenue from transaction fees, trading commissions, and brokerage services. Smartbroker+ generates revenue from trading activity, with PFOF (Payment for Order Flow) revenues which will cease in mid-2026 due to EU ban. Transaction business revenue was €40.14 million in 2025 (up from €27.23 million in 2024). Average 38 trades per customer per year demonstrates high trading activity.
2. Media/Advertising Revenue: Revenue from digital advertising on owned financial portals (wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, ariva.de). These reach 240+ million monthly page impressions. Media segment generated €28.14 million revenue in 2025 (up from €25.25 million in 2024) with EBITDA of €6.7 million and 23.8% EBITDA margin.
3. Interest and Cash Revenue: Interest income from customer cash holdings (Cash under Custody) and securities lending through partnership with Baader Bank. With €14.7 billion assets under custody and high cash ratios, this represents growing revenue source especially in higher interest rate environment.
4. Premium Partner Derivative Trading: Revenue sharing from derivatives trading through premium partners including Morgan Stanley, UBS, HSBC, Vontobel (€0 per trade), BNP Paribas and Citi (€2 per trade). Customers access 1.5 million+ options, certificates and knockouts.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Smartbroker Holding AG operates a next-generation digital online broker (SMARTBROKER+) that combines the full product spectrum of traditional brokers — stocks, ETFs, funds, bonds, derivatives, and precious metals — with the low-cost conditions of neobrokers, offering permanent €0 commission trading on all German venues. The platform serves self-directed retail investors with ~1,100 ETF savings plans (around 850 fee-free), ~350 stock savings plans from €25 minimum, and access to 1.5 million+ derivative products from premium partners such as Morgan Stanley, UBS, HSBC, Vontobel, BNP Paribas and Citi. The company also operates four high-reach German financial news and community portals (wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, ariva.de) that drive customer acquisition and advertising revenue.

Product overview

Smartbroker Holding AG operates a dual-segment business combining an online brokerage platform and a financial media business. The core product is SMARTBROKER+, a next-generation digital broker that uniquely combines the extensive product range of traditional brokers with the low-cost conditions of neobrokers, offering €0 commission trading on all German venues. The legacy Smartbroker platform (active since December 2019) is being phased out as customers migrate to SMARTBROKER+. Supporting the brokerage business is the company's media segment, comprising four high-reach financial portals — wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, and ariva.de — which together generate over 240 million monthly page impressions, host the largest finance community in German-speaking Europe (970,000+ registered users), and provide brand visibility and lead generation for the brokerage arm.

Differentiator

Problem solved

Functional benefit

Brands

• Smartbroker Finance: Finance portal operated by the group
• WO Capital

Products and services

• SMARTBROKER+ A next-generation digital online brokerage platform for German retail investors combining the full product range of traditional brokers with the low-cost conditions of neobrokers. Offers €0 commission trading on all German venues, ~1,100 ETF savings plans (~850 fee-free), ~350 stock savings plans from €25 minimum, and 1.5 million+ derivative products from premium partners. Available on iOS, Android, and Web with integrated financial news and community features.
• Smartbroker (original) The original online broker offering operational since market entry in December 2019; serves as the predecessor to SMARTBROKER+. Awarded multiple 'Best Broker' test victories and cost leadership recognition from Stiftung Warentest. Customers have been migrated to the SMARTBROKER+ platform.
• wallstreet-online.de Germany's largest finance community and financial news portal, contributing to over 240 million monthly page impressions. Operated as part of the Smartbroker Holding media segment, hosting over 970,000 registered forum users and publishing more than 12,000 daily reader opinions on securities and investments.
• boersenNews.de
• FinanzNachrichten.de
• ariva.de
• Smartbroker Finance (smartbroker-finance.de)

Quantifiable outcome

• 38 trades per customer per year vs. 23 for competitors like flatexDEGIRO
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability4 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and major.

• XtrackerscoreStrategic or Co-development Partner · 1 August 2023ETF Premium Partner for Smartbroker+. Xtrackers is one of the largest ETF issuers globally, with their products available fee-free via gettex trading venue on SMARTBROKER+.
• AmundicoreStrategic or Co-development Partner · 1 August 2023ETF Premium Partner for Smartbroker+. Amundi is among the largest ETF issuers, offering fee-free ETF savings plans via gettex on SMARTBROKER+.
• gettexcoreTechnology or Integration · 1 August 2023Munich-based stock exchange (Börse München) providing trading venue access. Fee-free ETF trading available through gettex for premium partner products.
• Morgan StanleymajorStrategic or Co-development Partner · 1 August 2023Derivatives premium partner offering 1.5 million+ options, certificates and knockouts with €0 trading cost for customers.
• UBSmajorStrategic or Co-development Partner · 1 August 2023Derivatives premium partner offering €0 trading cost for structured products.
• HSBCmajorStrategic or Co-development Partner · 1 August 2023Derivatives premium partner for gold and silver products.
• VontobelmajorStrategic or Co-development Partner · 1 August 2023Derivatives premium partner offering €0 trading cost.
• BNP ParibasmajorStrategic or Co-development Partner · 1 August 2023Derivatives partner offering trading from €2 per trade.
• CitimajorStrategic or Co-development Partner · 1 August 2023Derivatives partner offering trading from €2 per trade, including new US stock derivatives.
• Baader BankcoreTechnology or Integration · 1 December 2022Strategic partnership for custody, account management, transaction processing and clearing. Baader Bank serves as the backend infrastructure provider for Smartbroker+, enabling the platform to offer securities trading without building its own banking infrastructure. Partnership established December 2022 to replace previous DAB BNP Paribas setup.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Scalable Capital: Leading German neobroker with self-directed trading and managed/robo-advisory portfolios. Comparable product breadth, target customer (active retail in Germany), and pricing model (low/no commission).
• Trade Republic: Germany's largest neobroker offering commission-free securities and savings-plan trading to retail investors via mobile app. Directly comparable on €0 commission trading, savings plans, and the same DACH retail-investor target market as Smartbroker+.
• flatexDEGIRO: One of Germany's largest online brokers with retail and B2B brokerage offerings. Direct competitor in the German retail brokerage market, explicitly cited in the source data as a comparison point on customer trading frequency (23 vs Smartbroker's 38 trades/year).

Peers

• Comdirect (Commerzbank):

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Smartbroker Holding