Scalable Capital, a digital investment firm, has secured €50m in a Series D funding round.
The round was backed by BlackRock, HV Holtzbrinck Ventures as well as Tengelmann Ventures.
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Utilising the infusion, Scalable intends to speed up its growth in wealth management, brokerage as well as its B2B business.
The latest funding has boosted Scalable Capital’s total funding raised to date to €116m.
Scalable Capital co-founder and co-CEO Florian Prucker said: “With this funding round, we also want to expand our team of currently 130 employees in order to drive our expansion and the further development of our platform.”
Scalable Capital enables investors to trade shares, funds and ETFs for a flat fee of €2.99 on a monthly basis.
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By GlobalDataThe firm manages more than $2bn on its platform.
Scalable Capital co-founder and co-CEO Erik Podzuweit said: “In times of Covid-19, our funding round is a powerful signal; it shows that our focused, digital business model is convincing the investors.
“Just recently, we launched our Scalable “Prime Broker” with trading flat rate with great success. It is interesting to see that the clients of our broker are on average 10 years younger than our wealth management service. We will use the additional capital to expand our position as the market leader in digital wealth management and to reach new customer segments with the broker.”
