After raising $180m from Tencent last year, Scalable is expanding.
Investment platform Scalable Capital is expanding further into Europe today with its launch in Italy.
Scalable is offering Italian investors access to its commission-free trading platform, savings plans and its just-launched crypto investments.
While the fintech’s ‘robo advisor’ service isn’t part of the launch, Scalable said it will be coming soon as it rolls out more services from its investment platform.
“The online broker, with savings plans and crypto is only the beginning,” said co-CEO and co-founder Erik Podzuweit.
“We aim to roll out our full investment platform to the Italian market. We will make even more services accessible to our Italian clients such as our leading robo advisor.’
Scalable Capital already operates in Germany, France, Spain, Austria and while it wound down its UK business in 2021, continues to act as a B2B technology provider in the UK.
The firm says it now has over 500,000 clients who have invested over €6bn via its platform.
"The Italian market has a strong unexpressed potential and we are convinced that we can contribute to making the world of finance more accessible and transparent for all types of potential investors,” said Alessandro Saldutti, Scalable’s country manager for Italy.
“Italians have a high propensity to save money, usually storing it in deposit accounts and government bonds. However, rising inflation and the low yields of these instruments are enabling more and more Italians to consider investing in the financial markets.”
In December Scalable introduced crypto investments via crypto exchange-traded products (ETPs) through a partnership with CoinShares.
Its core trading service of shares, ETFs, mutual funds and cryptocurrencies is available at a flat-fee of €2.99/month for unlimited trading, or €0.99 per trade.
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