Germany’s Scalable Capital secures $65m in Series E extension
Munich-based digital investment platform Scalable Capital has raised $65 million (€60 million) in a Series E extension round.
Scalable Capital secures $65m in Series E extension
The round was led by VC firm Balderton Capital with participation from HV Capital’s new growth fund and existing investors.
The latest raise follows on from the company’s $180 million Series E round in June 2021, which was led by Chinese tech giant Tencent. According to TechCrunch, the new funds have been raised at an unchanged valuation of $1.4 billion.
Founded in 2014 and launched two years later, Scalable Capital is a Europe-focused neobroker offering financial services for private individuals. The platform enables users to invest in stocks, ETFs, funds, bonds, crypto and derivatives, as well as earn interest on cash balances and take out secured loans.
The company currently operates in Germany, Austria, France, Italy, the Netherlands, Spain, and the UK and manages more than €16 billion on its platform.
With the fresh funding, the firm plans to invest in product development and “sustainable growth”, according to Erik Podzuweit, co-founder and co-CEO of Scalable Capital, with the aim to strengthen its presence in existing markets and expand into new ones.
Podzuweit tells TechCrunch that the company currently does not have any plans to pursue a banking licence, and is instead choosing to work with partners including ING in the Netherlands, Barclays in the UK, and the Santander Group in Spain.
