Swedbank vs Trade Republic

Voi Secures €150M Credit Facility and Expands Fleet

Swedish micromobility company Voi Technology has signed a €150 million revolving credit facility (RCF) with Nordic banks Danske Bank, Swedbank, and DNB Sweden. The new facility will be used to redeem all outstanding bonds, refinance an existing undrawn credit line, and scale its vehicle fleet across Europe. Voi reported strong Q2 2026 results, with net revenue up 47% year-over-year to €68.8 million, and adjusted EBITDA nearly doubling to €19.7 million. The company's net leverage fell to 1.76x, and trailing twelve-month revenue surpassed €200 million. The redemption of bonds is expected to close on 19 October 2026, with bondholders repaid at 103.375% of nominal value. This move marks a significant step in Voi's financial strategy, shifting from equity to debt capital markets.

• Voi Technology secured a €150 million revolving credit facility (RCF) from Danske Bank, Swedbank, and DNB Sweden.
• The RCF will be used to redeem all outstanding bonds, refinance an existing undrawn credit line, and expand the vehicle fleet.
• Voi reported Q2 2026 net revenue of €68.8 million, up 47% year-over-year, and adjusted EBITDA of €19.7 million.

Swedbank publishes new press releases including PMI services and household savings survey

New press releases added: 'Sex av tio skulle spara ett tillskott på 500 kronor' (2026-09-11), 'Mer pengar i plånboken – men små marginaler för unga och ensamstående' (2026-09-09), and 'PMI–tjänster steg till 55,8 i augusti: återhämtningen breddas' (2026-09-03).

Swedbank publishes new press releases: PMI services, housing index, and PMI manufacturing

New press releases added: PMI services rose to 55.8 in August, Swedbank's housing index shows home purchases slightly easier, and PMI rose to 56.1 in August with growth and higher cost pressure.

Bafin Tightens Control Over Raisin

The German financial regulator Bafin has reclassified the Berlin-based fintech Raisin as a financial holding company, extending stricter oversight and higher capital requirements that previously applied only to its banking subsidiary. This move ends a prolonged resistance by Raisin's management, led by co-founder and CEO Tamaz Georgadze, against stronger regulatory oversight. The reclassification requires Georgadze to recalculate the business case for Raisin, which was last valued at approximately €3 billion. This change aligns Raisin with other major European fintechs like Trade Republic and Klarna, which have embraced banking status. The news was reported exclusively by manager-magazin.

• Bafin classifies Raisin as a financial holding company, extending stricter oversight beyond its banking subsidiary.
• The reclassification was made against the resistance of Raisin's management, including CEO Tamaz Georgadze.
• Raisin was last valued at approximately €3 billion.

Trade Republic Found Own Life Insurer for Retirement

Trade Republic, the Berlin-based neobroker, has established its own life insurer, Justinian Versicherungs AG, in Vaduz, Liechtenstein, after receiving a license from the local regulator FMA. The license covers traditional and unit-linked life insurance. This strategic move enables Trade Republic to offer a guaranteed version of the upcoming state-subsidized retirement savings account (Altersvorsorgedepot) in Germany, which will replace the Riester pension from 2027. The guaranteed version may incur a fee, unlike previously announced free variants. This expansion positions Trade Republic against traditional insurers like Allianz and Ergo, targeting security-conscious savers, while rival Scalable Capital avoids guarantees. Trade Republic reported €754 million in revenue for its 2024/25 fiscal year and a valuation of €12.5 billion, serving over 10 million customers.

• Trade Republic founded Justinian Versicherungs AG in Vaduz, Liechtenstein, and received a life insurance license from the FMA, covering traditional and unit-linked life insurance.
• The insurer enables Trade Republic to potentially offer a guaranteed version of the Altersvorsorgedepot, with returns of at least 80-100% of contributions, though it may carry a fee.
• The Altersvorsorgedepot is scheduled to launch in early 2027 as the successor to the Riester pension.

Project A's Heinemann: European VCs are suppliers to top US investors

In the 'Royal GS' podcast, Project A founding partner Florian Heinemann discussed European early-stage VC strategy. Project A, a Berlin-based early-stage investor, focuses on pre-seed and seed rounds, sometimes Series A, with a €325 million fund. Heinemann emphasized that European early-stage VCs act as 'suppliers' for top US investors, preparing startups for later US-led funding rounds. He advised founders to limit dilution to 20% per round and to maintain market-standard valuations. He cited Trade Republic as a success, noting Project A's ~9% stake cashed out during a secondary round at a €12 billion valuation. He criticized overvalued rounds by late-stage startups like ElevenLabs and Lovable, questioning the defensibility of such high valuations and noting that such rounds often facilitate secondaries for early investors.

• Project A manages a €325 million fund for early-stage investments.
• Florian Heinemann advises founders to limit dilution to max 20% per round.
• Project A cashed out part of its ~9% stake in Trade Republic during a secondary round at a €12 billion valuation.