Scalable Capital, a Munich, Germany- and London, UK-based digital investment manager, closed a €30m funding round.
The round – subject to regulatory approval and expected to close in the third quarter of 2017 – was led by BlackRock with participation from existing investors HV Holtzbrinck Ventures and Tengelmann Ventures. In conjunction with the funding, Patrick Olson, BlackRock’s Chief Operating Officer of EMEA, will join Scalable Capital’s Supervisory Board.
The company, which has raised €41m in total funding, intends to use the capital to grow the business with financial institutions and corporates.
Founded in 2014 and launched 16 months ago, Scalable Capital is one of Europe’s fastest growing digital investment managers and has already gathered over €250m (£217m) of assets from over 6,000 retail clients.
The offering provides a flexible multi-language and currency platform – developed in close collaboration with Professor Stefan Mittnik, PhD, Director of the Chair of Financial Econometrics and Director of the Center for Quantitative Risk Analysis at the Ludwig Maximilian University in Munich – that can operate across multiple international tax and regulatory regimes to create and manage globally diversified ETF portfolios for its clients to achieve their long-term financial goals.
Scalable Capital is active in the United Kingdom, Germany and Austria.
The UK team consists of:
Adam French (formerly Executive Director of Goldman Sachs’s Trading Division);
Simon Miller (formerly Vice President at Barclays Capital), and
Dr Ella Rabener (formerly Founder and CEO of Westwing Russia and Associate Partner at McKinsey & Company).
The company currently employs a team of 50 people,
Scalable Capital Limited is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, while Scalable Capital Vermögensverwaltung GmbH is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany.