The online asset manager Scalable Capital announces a double-digit million investment: The Munich-based company was able to raise a total of 30 million euros in a Series B round.
The investment management firm BlackRock is leading the financing round for the Munich and London-based startup. Existing investors Holtzbrinck Ventures and Tengelmann Ventures are back on board. Scalable Capital's total financing now rises to €41 million. BlackRock's investment is expected to be implemented in the third quarter of 2017, subject to regulatory approval. Erik Podzuweit, founder and managing director of Scalable Capital, says:
"BlackRock's investment is a fantastic validation of our previous work. It opens up new growth opportunities and establishes us on the European map of digital asset managers. With BlackRock's support, we can expand our business with financial institutions and corporates more quickly."
Patrick Olson from BlackRock explains the investment:
"The retail banking industry is changing rapidly, as more and more consumers rely on technology-based support for their investments. Therefore, the demand for technology-based investment solutions is growing among European financial service providers such as banks, insurance companies, asset managers, and advisory firms. Through our investment in Scalable Capital, we are addressing the needs of our clients and their end customers and helping prepare their business models for the future."
250 million euros from 6,000 customers
According to its own statements, Scalable Capital, with its robo-advisor, is one of the fastest-growing digital asset managers in Europe. The FinTech manages over €250 million from approximately 6,000 private clients. The number of collaboration requests from financial institutions and corporations is also increasing. The startup is targeting further international expansion as a next step.
