We see Lightyear as one of Europe's most promising investment platforms. The broker offers commission-free ETF investing (whilst fully commission-free in UK on personal accounts, fund manager fees apply), multi-currency accounts, portfolio transfers, recurring investing, and cash management through its Vaults product, which is a solid offering given it only launched in 2020. Unlike some competitors, Lightyear does not appear to be conflicted with internalised execution models or proprietary trading venues. Nor does it push CFDs or other speculative products that are a losing proposition for most investors. It has developed a strong reputation for platform usability. Customer support is top notch, which is rare for a neobroker.
Importantly in our assessment, we have also found management to be unusually transparent and responsive compared to competitors. Today, Lightyear operates as a neobroker rather than a full-service international brokerage. Investors cannot directly choose their execution venue yet and its ETF universe remains smaller than that of its direct competitors.
Passive Investors: Suitable. Investors will appreciate the commission-free investing, recurring investing, portfolio transfers, and cash management features. It has a modern, clean platform and great customer support.
Semi-Active Investors: Somewhat Suitable. Investors benefit from broad market access and multi-currency support. However, limited product range and lack of direct exchange access make the platform less flexible than some competitors.
Advanced Investors: Unsuitable. Lightyear lacks many of the advanced products, trading tools, and execution controls expected by professional and highly active investors.
Pros & Cons And Suitability
▶ Pros & Cons
Commission-free ETF trading
Exceptional customer service vs Neobroker competitors
Attractive cash interest rates through Vaults
Multicurrency Account
Clean and modern interface
Limited investment universe compared to established brokers
No direct exchange selection or venue control
Core ETF range available, but still expanding
Relatively new platform with shorter track record
No advanced features like Margin Loans, Security Lending, or U.S. ETF Access
Check if Lightyear is available in your country. Select a country to see local regulatory details.
Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
Iceland
Liechtenstein
Norway
United Kingdom
Switzerland
Aland Islands
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belize
Benin
Bermuda
Bhutan
Bolivia
Bonaire, Sint Eustatius and Saba
Bosnia and Herzegovina
Botswana
Brazil
British Indian Ocean Territory
British Virgin Islands
Brunei Darussalam
Burkina Faso
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Chad
Channel Islands and Jersey
Chile
China
Colombia
Comoros
Cook Islands
Costa Rica
Cote d'Ivoire
Curacao
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Ethiopia
Falkland Islands
Faroe Islands
Fiji
French Guiana
French Polynesia
French Southern Territories
Gabon
Gambia
Georgia
Ghana
Gibraltar
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong
India
Indonesia
Iraq
Israel
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kiribati
Kosovo
Kuwait
Kyrgyzstan
Laos
Lebanon
Lesotho
Liberia
Libya
Macao
Madagascar
Malawi
Malaysia
Maldives
Mali
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Myanmar
Namibia
Nauru
Nepal
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
North Macedonia
Northern Mariana Islands
Oman
Pakistan
Palau
Palestine
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Pitcairn
Puerto Rico
Qatar
Republic of the Congo
Reunion
Russia
Rwanda
Saint Barthelemy
Saint Helena
Saint Kitts and Nevis
Saint Lucia
Saint Martin
Saint Pierre and Miquelon
Saint Vincent and the Grenadines
Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Sint Maarten
Solomon Islands
Somalia
South Africa
South Georgia
South Korea
South Sudan
Sri Lanka
Suriname
Swaziland
Taiwan
Tajikistan
Thailand
Togo
Tokelau
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Republic of Tanzania
United States
United States Minor Outlying Islands
United States Virgin Islands
Uruguay
Uzbekistan
Vanuatu
Vietnam
Wallis and Futuna Islands
West Bank and the Gaza Strip
Western Sahara
Zambia
Broker Snapshot
Why Lightyear is A Tier 2 Broker?
Lightyear is best viewed as a Tier 2 broker given its low-cost positioning, relatively short operating history and product range. Thus, it is a typical neobroker.
Young, Private and Unrated
Founded in 2020 by former Wise employees Martin Sokk and Mihkel Aamer, the platform has expanded rapidly across Europe and now operates in 25 countries. The company surpassed $1 billion in customer assets in 2025 but does not publicly disclose its customer count, profitability, or detailed financial results. Lightyear remains privately held, is not bank-owned, does not have a public credit rating, and is not listed on a stock exchange.
▶ Company Info
Inception Year: 2020
Headquarters: London, UK (Lightyear UK Ltd) & Tallinn, Estonia (Lightyear Europe AS)
Key Owner: Martin Sokk, Mihkel Aamer (Co-founders)
EU Regulator: Estonian Financial Supervision Authority (Finantsinspektsioon / EFSA)
UK Regulator: FCA (UK)
EU Guarantee: €20,000 (Estonian Investor Protection Sectoral Fund)
UK Guarantee: £85,000 (FSCS)
Transparent Pricing, Limited Execution Control
Lightyear features a highly competitive fee structure, including commission-free investing in stocks and ETFs, low-cost investing in stocks, multi-currency accounts and decent foreign exchange fees. It also offers Vaults, which allows investors to earn yields on uninvested cash through money market funds. Portfolio transfers in and out are supported. The broker does not currently offer securities lending or margin lending.
▶ Features Overview
Base Currencies: USD, EUR, GBP, Others
ETF Availability: Core 500 names and rapidly growing
Multicurrency: Yes
Cash Interest: Competitive (Saving Vaults)
Margin Loans: No
SMM/Systematic Internaliser Reliance: No
Exchanges: Key Exchanges
▶ Fee Structure
Custody Fees: None
Inactivity Fees: None
ETFs Dealing Fees: None
FX Fees: EU 0.35% - UK 0.1%
Deposit Fees: None
Withdrawal Fees: None
Security Lending: Not Available
Company ⓘ
We rate the company 3.2 out of 5. While Lightyear benefits from experienced founders, strong venture capital backing and regulation in both the UK and EU, it remains a relatively young company with a limited operating history. Some investors may also view the company's Estonian domicile as an additional geopolitical consideration given its proximity to Russia. However, its remote operations (London base) and contingency planning are a strong mitigant to this risk. Unlike larger competitors, Lightyear does not publicly disclose detailed financial statements, does not have a public credit rating and is not listed on a stock exchange, making independent assessment more difficult. However, we have found the management to be unusually transparent and responsive for a private fintech, demonstrating a willingness to discuss topics such as execution quality, revenue sources, product development and operational processes. This speaks to their values compared to more opaque and conflicted competitors and in our eyes compensates for some of the early start up features.
Lightyear is a modern fintech investment platform founded in 2020 by former Wise executives Martin Sokk and Mihkel Aamer. The company operates through dual entities: Lightyear UK Ltd, regulated by the Financial Conduct Authority (FCA), and Lightyear Europe AS, regulated by the Estonian Financial Supervision Authority (Finantsinspektsioon). The platform serves retail investors across the United Kingdom and 24 European countries. Lightyear remains privately held and has attracted significant venture capital backing since its launch. The company has raised approximately $58 million across multiple funding rounds, including a $23 million Series B round in 2025. Notable investors include Lightspeed Venture Partners, Virgin Group, Mosaic Ventures, Metaplanet, Skaala and several prominent fintech founders and operators. In 2025, Lightyear surpassed $1 billion in customer assets. Despite its rapid growth, the company does not publicly disclose detailed financial statements, does not have a public credit rating and is not listed on a stock exchange. However, we have found management to be unusually transparent and willing to engage with market participants, openly discussing topics such as execution quality, revenue sources, product development and operational processes. According to the company, foreign exchange conversion remains its primary source of revenue.
Lightyear is privately held and does not have a public credit rating, making it difficult to assess its default risk relative to listed brokers. The company has raised approximately $58 million in venture capital funding and surpassed $1 billion in customer assets in 2025, reflecting strong growth since its launch in 2020. However, unlike some larger competitors, Lightyear does not publicly disclose profitability, customer numbers, average account balances, or detailed financial statements. The broker's business model appears relatively straightforward, relying primarily on foreign exchange fees, stock order fees, cash management products such as Vaults or other ancillary services. Unlike some European neobrokers, Lightyear does not appear to rely heavily on proprietary execution venues or internalised execution models as a core part of its business model. Nevertheless, the company remains considerably smaller and younger than established competitors.
In addition, some investors may view the company's Estonian base as a geopolitical risk factor given the country's proximity to Russia and its location on NATO's eastern frontier. While Estonia benefits from the regulatory and security frameworks of both the European Union and NATO, geopolitical tensions in the region remain higher than in many Western European financial centres.
However, there are mitigating factors for this risk. Lightyear's client assets are held with partners, leading European financial institutions. Lightyear UK uses local financial institutions to hold and process cash, and the group works with custodians and CSDs based in Germany, Netherlands, United States, and Ireland to hold client assets. In addition to holding client assets in Europe and America, it is important that Lightyear does not directly need to have a physical office in Estonia to maintain its business operations. Databases and systems are cloud-based, employees can continue to operate regardless of location, and part of the team is also based in the London office. This means that the platform can continue to operate safely even in the event of a potential crisis in Estonia.
Lightyear operates under a dual regulatory structure, with separate entities serving UK and European clients.
UK: the company operates through Lightyear UK Ltd, which is authorized and regulated by the Financial Conduct Authority (FCA). UK clients are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000,
EU: Clients are served by Lightyear Europe AS, which is regulated by the Estonian Financial Supervision Authority (Finantsinspektsioon). EU clients benefit from protection of up to €20,000 under the Estonian Investor Protection Sectoral Fund, which provides compensation of up to 90% of losses resulting from an investment firm's inability to return client assets, subject to a maximum of €20,000.
Cash: Client cash is held in segregated accounts. Lightyear also offers Vaults, which invest cash in money market funds. Lightyear does not publicly disclose a complete list of banking counterparties. Publicly disclosed counterparties include:
ABN AMRO Bank (Netherlands)
LHV Bank (Estonia)
Money Market Funds: Vaults invest in AAA-rated money market funds managed by providers such as BlackRock.
Shares: Client securities are held in segregated custody accounts. Publicly disclosed providers include Alpaca Securities for certain US securities, while settlement may involve institutions such as Euroclear, CREST, Clearstream, and Nasdaq CSD, however Lightyear does not publish a comprehensive list of custodians across all markets.
At present, there are no known major reputational or regulatory issues with Lightyear.
Fee Structure ⓘ
We rate the fee structure a 4.1 out of 5. Lightyear offers commission-free investing in stocks and ETFs in the UK on personal accounts whilst in EU, only ETFs are commission-free with stock order fees different depending on the stock denomination (e.g. up to $1 for US stocks or €1 for EUR-denominated stocks), no custody fees, and no inactivity fees. Unlike some conflicted competitors, the broker does not operate a Single Market Maker venue which makes a much cleaner case for its best-execution framework (swap ability). This non-conflicted SMM setup has a potential drawback for larger trades though. Investors cannot directly select the execution venue, limiting their ability to independently compare execution quality across competing exchanges. The primary drawback remains the broker's foreign exchange fee of 0.35% for European clients, which is higher than some competitors. UK FX is very competitive.
Related Broker Methodology SectionExplicit costs are rarely high for Neobrokers. Read our methodology to understand how we account for hidden costs.
There are no trading commissions, custody or inactivity fees. Fund manager and FX fees may apply.
Currency Exchange Fees
EU clients: FX fee is generally 0.35%.
UK clients: Lightyear reduced FX fees to 0.10%.
Fee Simulation vs Competitors
Most of our readers have simple index portfolios. Using our Broker Total Cost Calculator, you can estimate the total cost of holding ETFs throughout your investment journey. In our simulated scenarios, Lightyear appears among the lowest-cost options available to European investors. We compare it against other popular Tier 2 brokers serving a similar retail investor base. We assume investors purchase ETFs in the ETF share class currency (therefore no FX fees are included in the calculator below).
Fee Simulation
The simulation below assumes ETF purchases are executed at the displayed commission schedule and excludes foreign exchange costs. Lightyear appears highly competitive due to its commission-free ETF investing model. However, investors should note that Lightyear does not allow direct exchange selection and orders are routed automatically. As a result, investors cannot independently compare execution quality across competing venues in the same way they can at brokers offering direct exchange access. This is less problematic for smaller trades which is where most neobrokers are positioned but for larger transactions, spreads may be as important as visible commissions when assessing total costs.
In essence - the SMM is not ideal given it's the only exchange, but unlike competitors Lightyear does not operate it so it is not conflicted and may exercise pressure on execution quality.
Other Fees
Debit Card / Apple Pay Deposits (0.6%): Deposits made via debit card or Apple Pay incur a 0.6% fee, while standard bank transfer deposits remain free.
Vaults Fee (~0.20%–0.25% p.a.): Includes the underlying money market fund fee (0.10% for EUR/GBP and 0.15% for USD) plus Lightyear's 0.10% platform fee. All costs are already reflected in the displayed net yield.
LEI Fee: €48 + VAT per year, EU business account holders only
USD Wire Receipt: ~$6 per payment
Platform & Features ⓘ
We rate the platform capabilities 4.1 out of 5. Lightyear offers multi-currency accounts, cash management through its Vaults product, recurring investing and portfolio transfers, while providing one of the cleanest and most intuitive investing experiences available in Europe. The platform also enjoys unusually strong customer feedback, with a very large number of highly positive user reviews and frequent praise for the responsiveness and quality of its customer support. This is rare for a neobroker, which typically grow at all costs including at the expense of customer service. From an execution perspective, orders are routed through Tradegate Exchange for UCITS ETFs in Europe under a best-execution framework, with Lightyear stating that it receives no payment for order flow or other routing incentives. It may swap providers based on execution quality which is different to competitors that are typically more conflicted with their own SMM Exchanges or similar setups. However, Lightyear remains a neobroker rather than a full-service brokerage. Investors cannot manually select execution venues, the ETF universe remains smaller than that of larger competitors, and the platform lacks many advanced features offered by established brokers.
Account Opening Process
Lightyear offers a fully digital account opening process through its mobile app and web platform. New clients must provide standard personal information, proof of identity, and tax residency details. Verification is completed electronically and most accounts are approved within a few hours or by the next business day, although additional compliance checks may occasionally result in delays.
UCITS ETFs Availability
Lightyear appears to take a more pragmatic approach to PRIIPs and KID language requirements than many traditional European brokers. According to the company's terms and compliance guidance, all clients agree to receive documents and disclosures in English, including Key Information Documents (KIDs). As a result, investors are generally less likely to encounter ETF availability restrictions due to local-language KID requirements than on brokers such as DEGIRO or Saxo, particularly in smaller European markets.
Lightyear offers indirectaccess to a broad range of major US and European exchanges. Unlike brokers such as Interactive Brokers or DEGIRO, investors cannot directly choose the execution venue or routing destination. Instead, orders are currently routed through e.g. Tradegate Exchange for UCITS ETF in continental Europe in accordance with Lightyear's best execution policy. According to the company, Lightyear receives no compensation for this order routing and continuously monitors execution quality through internal best-execution controls and alerts. It has no conflict of interest and can change provider based on execution quality. Where execution outcomes fall outside expected parameters, the partner is required to provide an explanation. Lightyear also indicated that it intends to add additional execution partners and venues in the future, which should improve diversification and reduce reliance on a single routing destination.
Features
Desktop PlatformMobile AppMulticurrencyShare TransferCash InterestAutomated InvestingMargin LoansCRESTSecurity Lending – CompensatedRobo AdvisoryFamily & Friends Sub-accountsElective Professional Investor Status
Multi-Currency Accounts: EUR, GBP, and USD
Recurring Investments Available
Exchange Access: Indirect access to major markets including NYSE, NASDAQ, London Stock Exchange (LSE), Xetra, Euronext, and other European exchanges through their routing system with preferred partners (e.g. Tradegate Exchange for UCITS ETFs).
Portfolio Transfers
Available
Languages: Lightyear supports English, Hungarian, Spanish, Estonian, Dutch, Portuguese, French, German, and Italian. Latvian and Lithuanian are currently available on the mobile app only. Legal documents and disclosures may continue to be provided in English.
Customer Service: User reviews consistently highlight fast response times and helpful support, an area where Lightyear compares favourably with many European neobrokers.
Lightyear does not offer advanced features.
Lightyear does not offer security lending.
Lightyear does not operate its own exchange, Single Market Maker venue or internalisation network. Orders are currently routed through multiple parties e.g. Tradegate Exchange for UCITS ETFs in continental Europe, all withing the broker's best-execution framework. Compared to competitors that are typically conflicted, Lightyear broker does not have a conflict of interest and can change parties based on best execution.
Lightyear offers interest on uninvested cash and higher-yield cash management through its Vaults product. At the time of writing, Vaults offer yields of approximately 2.12% (APY) on EUR, 3.8% (APY) on GBP, and 3.7% (APY) on USD, although rates fluctuate with market conditions
Users consistently praise Lightyear for its simple, intuitive app design and transparent, low fee structure. The platform receives particular acclaim for being beginner-friendly while maintaining professional features
Positive
100+ mentions · over past 12 months
What Users Like
Extremely simple and intuitive app interface
Very low and transparent fees
Quick signup process (takes minutes)
Excellent user experience across mobile and desktop
Strong customer support
Professional platform with modern design
Common Complaints
Limited advanced trading features
Occasional referral bonus issues reported
Fewer features compared to more established brokers
⚠️ This sentiment analysis is based on our proprietary algorithm relying on sentiment from public user reviews and discussions. This section does not represent the view of Banker on Wheels.
Country Considerations
Available Tax Wrappers
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Tax Reporting
Lightyear operates as a declarative broker. The platform provides annual statements, transaction reports and dividend summaries to assist investors with tax reporting, but investors remain responsible for calculating and reporting taxes in their country of residence. The broker applies any required withholding taxes at source and reports them on account statements, but generally does not assist with reclaiming excess foreign withholding taxes.
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