Scalable Capital raises EUR50m in Series D funding round
European digital wealth manager Scalable Capital has raised an additional EUR50 million in a Series D financing round. The money will be used to further accelerate growth in wealth management, brokerage and its B2B business.
One new and all existing investors participated in the funding round; BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures invested once again. Since Scalable Capital was founded, the total funding has increased to EUR116 million.
"In times of Covid-19, our funding round is a powerful signal; it shows that our focused, digital business model is convincing investors,” says Erik Podzuweit, co-founder and co-CEO of Scalable Capital. “Just recently, we launched our Scalable "Prime Broker" with trading flat rate with great success. It is interesting to see that the clients of our broker are on average 10 years younger than our wealth management service. We will use the additional capital to expand our position as the market leader in digital wealth management and to reach new customer segments with the broker."
"We established Scalable Capital to make investing easier and better through technology," says Florian Prucker, co-founder and co-CEO of Scalable Capital. "Not only has our B2C business grown strongly over the last few years, but Scalable Capital's technology is also used by more and more B2B partners; most recently we launched our partnership with Barclays. With this funding round, we also want to expand our team of currently 130 employees in order to drive our expansion and the further development of our platform.”
For private customers, a home for their investments. For B2B customers the technology platform
When founded in 2014, Scalable Capital's goal was to democratise wealth management and to make investing easier and cheaper through technology. Today customers can invest their money through the robo advisor and trade actively with the broker. The broker, which was launched in June, is the first one to offer a true trading flat rate ("Prime Broker"), where retail investors can trade shares, funds and ETFs or make savings plans on ETFs for EUR2.99 per month with no additional fees. Furthermore, Scalable Capital provides access to attractive overnight and fixed-term deposit offers.