Munich/London, December 17, 2019. Scalable Capital now manages more than two billion Euros for private clients across Europe. This corresponds to a doubling of assets within 18 months. The FinTech based in Munich and London has thus maintained its market leadership in Continental Europe. The digital wealth manager now oversees more than 60,000 portfolios, and more than any other independent German wealth manager.
"We are excited to be the first digital asset manager in Continental Europe to pass the two billion Euros mark. It's the perfect ending to a successful year," says Erik Podzuweit, co-founder and co-CEO of Scalable Capital. "When we started around four years ago, we had to explain our service from the ground up. Since then, many people have discovered the advantages of our technology-based and cost-effective investment solution. It took us about two and a half years to acquire the first billion in assets under management, and only one and a half years to acquire the second. This shows that there is real demand for digital wealth management based on ETFs."
Today, the company manages an average of more than 30,000 Euros per customer. Over one third of the total assets under management are in portfolios with more than 100,000 Euros. In addition, every second client has a monthly savings plan averaging 400 Euros; through which Scalable Capital grows by more than 100 million Euros annually.
"We are investing heavily in our technology and will continue to improve and expand our services," says co-founder and co-CEO Florian Prucker. "With smart technology, we not only want to make investing better and cheaper, but also much more transparent and convenient. This makes digital wealth management the easiest way to get a fully managed portfolio."
ING Germany is one of Scalable Capital's most important partners. The cooperation with Germany's third-largest bank in terms of number of customers began in September 2017. So far, customers of ING Germany have invested more than one billion Euros with Scalable Capital. The partnership with Siemens Private Finance, which offers Siemens employees individual, technology-based wealth management for the first time, has also contributed to the success.
This year, Scalable Capital significantly expanded its services. In March, the company established a partnership with OSKAR, the digital wealth management company for families with children. Since September, Scalable Capital has also expanded its service offering to include overnight and fixed-term deposits from all over Europe.
The growth at Scalable Capital is also noticeable in terms of staff. More than 120 employees now work for the company in Munich and London. In the summer of 2019, a third funding round of 25 million Euros also took place. A total of 66 million Euros in equity has been invested in Scalable Capital to date.