Digital wealth management platform and online broker Scalable Capital has sealed a €60 million equity financing round.
The new funding was led by Balderton Capital with support from HV Capital and existing investors. It is marked down as an extension to the firm's €150 million Series E funding round in 2021 that was led by Chinese tech conglomerate Tencent.
Clients of the Scalable Broker can trade 8,000 stocks, 2,500 ETFs, and 3,500 funds and other exchange traded products and cryptocurrencies to build their portfolios. Since the beginning of the year, the firm has offered four percent interest on univested cash for up to 1.2 million investors and recently added credit for access to secured loans.
Over the past two years the firm has expanded into Austria, France, Italy, Spain and the Netherlands.
Erik Podzuweit, co-founder and co-CEO of Scalable Capital, says: “The funding is a testament to the strength investors see in Scalable Capital’s business. The scale up potential of a holistic pan-European investment platform that empowers everyone to become an investor is huge. With the fresh money, we will focus on further developing our product and striving for sustainable growth.”