German Robo Advisor Scalable Capital Raises €150 Million in Fundraise Led by Tencent
by Fintechnews Switzerland June 9, 2021Scalable Capital, a German-based neobroker and digital wealth manager, has raised more than US$180 million (€150 million) in a Series E funding round led by China’s technology company Tencent.
This purely primary investment round where existing shareholders participated brings the total capital raised to over US$320 million (€260 million).
The funding will be used to accelerate Scalable Capital’s European growth and to continue building an integrated digital wealth management and brokerage experience.
Additional, the funds will also be used for international expansion and the company’s continued product development efforts.
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.
In addition to the headquarters in Munich and an office in London, Scalable Capital recently opened a location in Berlin to attract more talent, especially in the fields of engineering, client success and marketing.
Erik Podzuweit
“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. The strong acceleration of our growth further validates our mission to empower investors.
Anyone thinking of investing money should think of Scalable Capital. Whether you want to invest yourself via our broker or want our wealth management solutions to do it for you.”
said Erik Podzuweit, co-CEO and co-founder of Scalable Capital.
Featured image credit: © Scalable Capital
