European neobroker Scalable Capital raises $65M on a flat $1.4B valuation
Summary
Scalable Capital, a Munich startup that aims to make investing in financial markets accessible to a wider range of consumers, is putting more fuel in its tank to drive deeper into Europe. That is despite the fact that the startup is now four or five times bigger than it was two years ago, according to co-CEO Erik Podzuweit, who co-founded the company with Florian Prucker.Today, Scalable Capital, which started as a digital wealth management platform, now describes itself as a full-service brokerage. It has 1.2 million savings plans on the platform, which it tells me works out to over 600,000 customers, and close to 17 billion under management, with products covering ETFs, stocks, funds, bonds, cryptocurrencies and derivatives, and loans. Of course, only time will tell whether that firm belief in growth longer term will play out as hoped.Balderton general partner Rana Yared is joining the board with this round. Scalables one-stop, digital-first, wealth building and generating platform brings a suite of top-class financial products to individuals across Europe, and is unparalleled in the market, she said in a statement.