European digital wealth manager Scalable Capital has raised more than $180m in a Series E funding round led by Tencent, becoming Germany’s sixth fintech unicorn.
The funding round, also joined by investors including fund manager BlackRock, is said to value the firm at $1.4bn.
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It follows the Scalable’s $58m Series D funding round in last May, and €25m Series C funding in 2019. The firm has raised $320m (€260m) in capital till date.
With the new funding, Scalable intends to accelerate its expansion across Europe and globally.
Scalable Capital co-founder and co-CEO Erik Podzuweit said: “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.”
Officially launched in 2016, the company has over a quarter of a million clients and over $5bn (€4bn) of client assets on its platform.
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By GlobalDataThe new capital will also support the company’s product development efforts.
Scalable Capital co-CEO and co-founder Florian Prucker said: “Our clients can access fully managed globally diversified ETF portfolios and – in the same app – self directed trading in shares, ETFs, crypto currencies and funds.
“We also provide a market-leading offering of ETF, stocks and crypto monthly savings plans. We are planning to launch derivatives trading next. We will continue on our mission to make everyone an investor.”
Scalable currently has 230 employees working from its offices in Munich, London, and Berlin. The firm is also planning to significantly grow its workforce to support its European expansion.
Tencent Investment managing director Danying Ma said: “Scalable Capital excels in offering its customers a convenient and cost-efficient investing experience. We are delighted to be an investor and participate in Scalable Capital’s growth.”
Last September, Scalable appointed Martin Krebs as chief financial officer.
