ING moves into digital wealth management with Scalable Capital
14 September 2017 | 9660 views | 0
ING in Germany is to roll out a digital wealth manegement service in a pilot project with robo-advisory startup Scalable Capital.
Customers of ING in Germany will be able to register for the online-only service in less than 15 minutes. With a minimum investment of EUR 10,000 they can monitor their portfolios and all account details, such as performance and fees, on both Scalable Capital and ING mobile apps and online portals in Germany.
ING's global head of fintech, Benoit Legrand comments: "As with all 100 fintech partnerships we currently have, we aim to ensure that the solution empowers our customers to stay a step ahead in managing their finances."
If the pilot proves successful, the bank will look to introduce it across other European markets he says.
News of the deal comes just two months after Scalable Capital signed off on a €30m funding round, led by BlackRock alongside existing investors HV Holtzbrinck Ventures and Tengelmann Ventures. Since its launch 18 months ago, Scalable Capital has gathered over €250m (£217m) of assets from more than 6,000 retail clients.
The agreement with ING - the product of a 12-month infrastructure integration build - opens access to more than eight million potential customers in Germany alone.