Munich/London, 2 August 2019. Digital wealth manager Scalable Capital has received further growth capital of 25 million Euros in a Series C funding round. The money exclusively comes from the existing shareholders BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures. With this funding round, total funding increases to 66 million Euros.
Scalable Capital has seen significant growth since its market launch in 2016. Today, the digital wealth manager employs more than 100 people in Munich and London. The latest funding will be primarily used to expand the software engineering team in order to accelerate business with retail clients and to offer new white-label solutions for banks, insurers and asset managers. With more than 1.5 billion Euros in assets under management and more than 50,000 client portfolios, Scalable Capital is the market leader for digital wealth management in Continental Europe.
"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."
Digital wealth management is particularly popular among high earning professionals. Roughly two thirds of Scalable Capital's customers have a university degree in business, information technology or engineering. On average, the company manages 35,000 Euros 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 Euros.