flatexDEGIRO Extends Partnership with Whitebox

flatexDEGIRO (ETR: FTK), a German retail online broker, announced on Thursday that it signed a Memorandum of Understanding to extend its B2B partnership with Whitebox, one of the leading independent robo-advisors for retail investors.

According to the press release, both parties expect to offer digital investment solutions to flatexDEGIRO customers in Germany in the summer of 2022.

“The extended partnership supports flatexDEGIRO’s strategic priority to provide millions of retail investors in Europe with the best online brokerage platform in terms of product, platform and price. It enables us to offer our customers access to an additional, highly attractive, and comfortable way of investing. This benefits, in particular, customers who were previously less active in trading. In addition, it enables us to address new client groups that are generally looking for support in accessing the capital markets on a sustainable, long-term basis. Offering digital wealth management in the form of robo-advisory is the next, logical step in verticalizing our unique European brokerage platform,” Frank Niehage, the CEO of flatexDEGIRO, commented.

Since 2007, flatexDEGIRO and Whitebox have been partners in the B2B space. In recent years, Whitebox has been rated the best robo-advisor in Germany multiple times with high scores for its product offer, service quality and pricing model. FlatexDEGIRO and Whitebox have a long-term strategic fit and trusting relationship that allows them to offer this ancillary service to its customers in a seamless and intuitive manner. The flatexDEGIRO offering will be expanded to all DEGIRO customers following its successful launch at flatex.

Salome Preiswerk, the Founder and Managing Director of Whitebox, issued the following statement: “We are very excited about the opportunities that arise from the strategic partnership. Our aim is to offer investments that are tailored to individual needs, simple, transparent, cost-effective and of high quality. Expanding our reach with a trusted partner such as flatexDEGIRO to potentially several million retail investors across Europe means a big step forward for us.”

Financial Metrics for flatexDEGIRO

Early this month, flatexDEGIRO reported a solid jump across all key financial metrics. The yearly revenue of the company jumped 60% to reach EUR 418 million, making it a record year for the broker.