Fresh from a new installation at Barclays Bank, digital wealth management platform Scalable Capital has raised €50 million in a Series D Financing round.
Existing investors BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures participated in the round, which brings total funds raised by the firm to €116 million since its launch in 2014.
The Scalable Capital platform is devised with self-directed investors in mind, creating and managing diversified ETF portfolios following an initial risk tolerance assessment.
In June, the firm launched its own brokerage offering retail investors flat rate trading for €2,99 per month and has seen its B2B business grow, with new customer Barclays joining the likes of ING, Santander's OpenBank and Austria's Raiffeisen.
The technology platform currently manages assets to the tune of €2 billion
"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. “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".