Tencent leads €150 million round in Scalable Capital
Digital wealth management platform Scalable Capital has raised more than €150 million in a Series E funding round led by Chinese tech conglomerate Tencent.
Five years after go-live in February 2016, the company has over a quarter of a million clients and over $5 billion (€4 billion) of client assets on its platform. Platform sales to financial institutions include ING, Barclays Bank, Siemens Private Finance, Snatander digital subsidiary Openbank, Oskar GmbH, and Targobank.
“We see huge demand to invest money in the capital markets instead of leaving it in bank accounts, says Florian Prucker, co-CEO and co-founder of Scalable Capital. “Our clients can access fully managed globally diversified ETF portfolios and – in the same app – self directed trading in shares, ETFs, crypto currencies and funds. We also provide a market-leading offering of ETF, stocks and crypto monthly savings plans. We are planning to launch derivatives trading next.”
In addition to its headquarters in Munich and an office in London, Scalable Capital recently opened a location in Berlin to attract more talent to its 230-strong team. ,
“We are also looking for talent to drive our international expansion across Europe. Employees can also work remotely – a flexibility that is highly appreciated and will therefore be maintained”, says co-CEO and co-founder Erik Podzuweit.