FNG Exclusive… FNG has learned that FCA regulated online brokerage Trading 212 has seen the departure of its longtime CEO Nick Saunders.

Nick Saunders joined Trading 212 back in 2014 as the company’s UK compliance officer, soon after the Bulgarian based Retail FX broker expanded to the UK and received an FCA license. He was soon after promoted to CEO, and alongside the company’s co-founders and co-owners has overseen the growth of Trading 212 from £6.5 million in revenue in its first full year of operation (2015) to £56.3 million in 2018. However, the company’s fortunes took a turn for the worse in 2019 on the heels on the FCA’s CFD leverage cap, with 2019 revenue at Trading 212 falling by 47% to £29.7 million.

Mr. Saunders had joined Trading 212 after spending six years at leading UK online broker IG, which included roles as Head of CFDs, Managing Director Singapore, and Head of International Operations.

As to why Nick Saunders and Trading 212 parted ways, we understand from people familiar with the matter that Mr. Saunders resigned once he decided that he probably wasn’t the right person to deliver the growth demanded by the owners. 2020 saw client numbers rocket up, and Mr. Saunders’ specialty is getting smaller companies or business units off the ground. While he felt he was more of a generalist, the business is now in a place where it needs specialist management if the owner’s demands for growth are to be met.

Trading 212 is controlled by Bulgarian entrepreneurs Borislav Nedialkov and Ivan Ashminov. Following Mr. Saunders’ departure, the only remaining directors of the UK company are Mr. Nedialkov and Andrew Bole, another former IG executive (IG’s Chief Risk Officer from 2000-2015), who joined the board late last year.