Trading 212 Put £44 Million Into Its Overseas Units, Nearly Half in Germany

Trading 212 Group directed £44.0 million of capital into its overseas subsidiaries during 2025, with £21.1 million going to its German entity, according to an FM Intelligence analysis published on Wednesday. The German unit, acquired as FXFlat Bank, recorded £2.7 million of revenue for the year and was loss-making.

Related-party disclosures in the group's Companies House filings list five capital injections: Germany received £21.1 million and Ireland £17.7 million, while Australia took £3.9 million, Cyprus £0.9 million and a dormant Dubai entity £0.4 million. Group revenue climbed 70% to £345.8 million, and the parent company collected £59.9 million in dividends from its UK and Bulgarian subsidiaries. The UK entity still generated 80% of group revenue.

Ireland and Australia build out

The Irish subsidiary, licensed by the Central Bank of Ireland on 1 December 2025, booked no revenue but took over the group's CFD hedging and its systematic internaliser function for share dealing in May 2026. The Australian unit received authorisation to offer CFDs from ASIC on 16 June 2026. The German business was bought for roughly €4 million across two steps in 2023 and 2024 and now carries a book value of £26.6 million in the parent's accounts.

Unused tax losses across the Cypriot, Australian and German entities rose to £26.7 million at the end of 2025 from £18.2 million a year earlier, the accounts state.

The current allocation is the product of several reorganisations. In 2020, when the Bulgarian entity ran the group's CFD book, Bulgaria accounted for 56% of revenue. After Brexit, the UK entity retained UK and non-EU clients while the Cypriot entity took on EU clients; the EU entities' share of revenue fell to 14% in 2022 and has stayed close to 20% since 2024.

Trading 212 began routing new Portuguese clients to the German entity instead of Cyprus in September, and the Irish hedging transfer changes where risk is booked, meaning the 2026 accounts will not compare directly with 2025. FM Intelligence's six-year series, built from the group's filings, shows a pre-tax margin that ranged from 12% to 62% since 2020. The 2026 accounts, the first to include the Irish hedging book, are due by the end of September 2027.