Scalable Capital, a German fintech founded by two former Goldman Sachs bankers and backed by BlackRock, will launch its broker in some of the largest non-German-speaking European countries.
Between these Spain, Italy and France by January, to then add Austria and the Netherlands later as co-CEO Erik Podzuweit said in an interview, adding that these markets offer the largest amount of potential clients and there is limited competition for brokerage services. . “We intend to finance the growth with the money we insured over the summer,” Podzuweit said. In June, the company raised € 150 million ($ 174 million) at a € 1.2 billion valuation. The broker currently has 200,000 clients who have invested 2.5 billion euros, according to the executive.
The Scalable digital broker allows clients to choose between a free account with individually debited trades and an account with unlimited trades. It competes with the Trade Republic Bank GmbH, based in Berlin, which was valued at more than $ 5 billion last May. Trade Republic aims to help millions of people across Europe to invest money in financial markets easily and without commissions, going to remove the barriers for all those people who in the past could not participate in the growth of the economy. “50% of our clients, over 500,000 people, had never invested in a financial market in their entire life. We also give access to new forms of investment to those people who have been neglected by the big banks for too long due to high fees and opaque products.“, He adds Thomas Pischke, co-founder. “With over € 6 billion in assets under management, we are the leading savings account for our clients