Scalable Capital moves UK accounts to single platform
Scalable Capital, a digital disruptor in the wealth management business, told Asset News that it would be consolidating its services onto one central platform. With €3bn in its platform and a strong growth in its wealth and brokerage business across both B2C and B2B businesses, Scalable Capital said that this strength has triggered the consolidation move, which will see UK accounts moved into the German platform. In the UK, Scalable Capital has an affiliation with the retail bank Barclays.
“We are consolidating our services onto one central platform to provide a consistent and scalable experience across all markets and offerings. We remain deeply committed to the UK market, first and foremost through our B2B partnership on digital investing with UK retail banking giant Barclays. Regarding the workforce, there will be absolutely no change; the UK management and employees will continue to help grow our businesses and partnerships at home and abroad,” a spokesperson of Scalable Capital told Asset News.
Scalable Capital has existing partnerships with asset managers such as Invesco, DWS and BlackRock and recently raised €50m in a Series D funding on July 22, led by Barclays Bank. Since its creation in 2014, the Munich-based company has already raised €116m.