Scalable Capital raises €25m series C funding round
The digital wealth manager raised the new cash from existing shareholders.
Scalable Capital, one of Europe’s largest digital wealth managers, has raised €25m in its series C funding round bringing its total funding increases to €66m.
Investors in the round included BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures, all of whom are existing shareholders.
"This investment acknowledges our work to date and will further accelerate our growth," said Erik Podzuweit, co-founder and CEO of Scalable Capital. "We want to further cement our leading market position. This new funding enables us to go after even more opportunities and to continue to invest heavily in our talent; pushing our ambitions forward across client segments."
Scalable Capital launched in 2016 and now has a staff headcount of more than 100 people across offices in Munich and London. It now has more than €1.5bn Euros in assets under management and more than 50,000 client portfolios.
The firm has struck particular success across a number of partnerships including with ING Germany, Siemens Private Finance, Openbank, Targobank, and Oskar.
The latest funding will be primarily used to expand its software engineering team in order to accelerate business with retail clients and to offer new white-label solutions for banks, insurers and asset managers.
Roughly two thirds of Scalable Capital's customers have a university degree in business, information technology or engineering. On average, the company manages €35k per customer.
One third of the total assets under management are in portfolios with a balance of more than 100,000 Euros. In addition, almost every second customer of Scalable Capital has a monthly savings plan averaging €400.