Trade Republic Validates Incrementality With Moloco, Scales UA by 3x

June 23, 2025

About Trade Republic

Trade Republic is a leading European mobile brokerage that offers commission-free trading of stocks, ETFs, and cryptocurrencies. Founded in 2015 and headquartered in Berlin, Trade Republic democratizes investing by providing an accessible, intuitive platform for retail investors under full regulatory oversight. The company’s mission is to empower everyone to participate in the financial markets, promoting financial literacy and autonomy.

Challenge: Proving Value Beyond CPA in a UA Strategy Targeting Multiple Countries

As Trade Republic scaled across Europe, it ran multiple geo-targeted campaigns with unique CPA targets. While CPA was the main performance metric, Trade Republic wanted to understand whether Moloco could drive incremental value—users it wouldn’t have acquired otherwise. The goal was to go beyond surface-level performance and prove the true contribution of Moloco to Trade Republic’s acquisition strategy. The team also sought out Moloco for its brand-safe ecosystem and supply exclusion list capabilities, aiming to ensure Trade Republic’s campaigns ran in environments that met its strict brand safety standards.

Solution: A Test-and-Learn Approach With Back-to-Back Incrementality Tests

To measure Moloco’s impact, Moloco’s growth and data science teams ran a series of controlled incrementality tests measuring conversion lift on behalf of Trade Republic. Rather than rely on a single snapshot, the team executed five back-to-back tests over six months for campaigns running in Germany, France, and Spain, with Germany being the largest market. This approach helped control for creative shifts, market conditions, and other external factors that can skew results.

What set this approach apart was Trade Republic’s decision to adopt incrementality as its true measure of success. To validate the findings from the Moloco tests, Trade Republic also ran similar tests with other ad partners to benchmark results.

Results: Consistent Uplift, Triple Spend, and Future Scaling Plans

The results spoke for themselves. All five tests showed incremental lift in installs, and four out of five demonstrated statistically significant incremental lift on core KPIs. Based on this consistent success, Trade Republic scaled spend with Moloco by 3x in a single quarter. With incrementality proven and performance aligned with business goals, the team is now planning to invest even more aggressively with Moloco.

“We were impressed by the consistent uplift Moloco brought to our acquisition campaigns. The incremental impact was clearly visible in every test, making it easy to justify significant budget increases.”