Adam French, Scalable Capital
Munich and London - Digital investment manager, Scalable Capital, has announced the signing of a €30m funding round, led by BlackRock alongside existing investors HV Holtzbrinck Ventures and Tengelmann Ventures. This funding round is one of Europe's largest for a digital investment manager to date, bringing Scalable Capital's total funding to €41m.
Since its launch just 16 months ago, Scalable
Capital has already gathered over €250m
(£217m) of assets from over 6,000 retail clients, and has seen a strong demand from financial institutions and corporates. The offering provides a flexible multi-language and currency platform that can operate across multiple international tax and regulatory regimes.
The investment in Scalable Capital complements BlackRock's existing digital wealth management suite, which includes Aladdin Risk for Wealth, iRetire, iCapital and FutureAdvisor in the US.
Adam French, Co-Founder and Co-CEO at Scalable Capital said: "BlackRock shares our vision that technology is not just a competitive advantage but a requirement for wealth management businesses to be successful in the future. Its investment in our firm is a fantastic validation of our work so far, opens up new growth avenues for our business and firmly establishes us on the digital wealth management map in Europe. BlackRock's backing provides a huge opportunity for us to partner with their clients to help accelerate our business with financial institutions and corporates."
The investment is subject to regulatory approval and expected to close in the third quarter of 2017.