Germany-based fast-growing neo-broker and digital wealth manager Scalable Capital has recently raised $180 million in a Series E funding round, according to the media. The funding round was led by Chinese tech company Tencent for the purpose of growth and expansion.
So far, Scalable Capital has raised over $320 million in separate funding rounds. The firm plans to use the funding to accelerate its European growth and continue to provide integrated digital wealth management and brokerage experience. The company went live in February 2016 and currently has over 250,000 clients and over $5 billion of client assets on its platform.
Erik Podzuweit, co-chief executive officer and co-founder of Scalable Capital, addressed the media and said, “Tencent complements our existing long-term partners who already represent an international investor base. Our recent funding is a major step forward on our way to becoming the leading retail investment platform in Europe.”
Scalable Capital has been offering private clients digital wealth management since its foundation. In August 2020, the company launched a neo-broker with a unique trading flat rate. The majority of the client assets in the broker are invested in over 1,500 Exchange Traded Funds (ETFs) available on the platform. The rest of the assets are spread across 4,000 shares and 2,000 funds. The company’s growth strategy will be deployed for international expansions and fund product development efforts.
The firm lets clients access fully managed globally diversified ETF portfolios in its application. It also offers access to self-directed trading shares, Exchange Traded Funds (ETFs), cryptocurrencies and funds. The company further plans to launch derivatives trading.
Image Source: Scalable Capital