Digital wealth management company Scalable Capital has reportedly raised $58m in a funding round, which values the WealthTech at $460m.
The Series D round was supported by a mixture of new and existing investors, according to a report from TechCrunch. Investors included BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures.
Scalable is a European robo-advisor platform, which claims to manage more than $2bn. Users can build a personalised, globally diverse and fully managed portfolio comprised of equities, government bonds, corporate bonds, commodities, real estate and cash.
Scalable’s former equity injection was a $28m round back in 2019 from investors including Holtzbrinck Ventures and Tengelmann Ventures. This was raised to help it grow at a quicker pace.
Since it was founded in 2014, the WealthTech platform has raised a total of $133m in funding.
This investment comes shortly after Scalable Capital revealed a new partnership with Barclays. The bank is leveraging Scalable Capital’s technology to build the Barclays Plan & Invest.
The new service will create a personalised investment plan tailored to a customer’s specific goals and will give customers access to active and passive funds via a managed portfolio.
Last year, Scalable Capital expanded its product range to include fixed-term deposits through a collaboration with Raisin. The customers can invest into fixed-term deposits through select European banks.
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