Munich-based digital asset manager Scalable Capital has been active in the German market since February of this year. After less than half a year, the FinTech startup is now expanding into Austria.
Scalable has barely been founded and is causing quite a stir: Back in April, the provider of a “robo-advisor” for automated capital investment had already raised eleven million euros in early-stage financing. Even then, Erik Podzuweit, Co-CEO and co-founder of Scalable Capital, announced that he intends to use the money to expand into new markets. The goal: to become the leading automated investment manager in Europe.
The financial company, regulated by BaFin and the UK's FCA, claims to be one of the fastest-growing firms of its kind in Europe. Assets under management are growing by a seven-figure amount every week.
Austrians and Germans “save a lot, but wrongly”
Florian Prucker, Co-CEO and co-founder of Scalable Capital, explains the expansion into the Alpine Republic:
"Austria is a very interesting market for us. This is partly due to the low language barrier. But much more importantly, Austrians have a similar savings behavior to Germans: They save a lot, but they save incorrectly. This also leads to massive asset deficits in Austria. We want to change that with our professional and cost-effective asset management service."
After Germany and Great Britain, Austria is the third market in which the startup is active.
