The fintech has been able to increase the number of customers by 67 percent to over 500,000 customers since July of last year.
(Photo: picture alliance / SZ Photo)
Frankfurt Scalable Capital continues to grow: Since July of last year, the Munich-based neo-broker has increased the number of its customers by 67 percent to over 500,000 customers. This emerges from a press release sent on Tuesday.
Scalable Capital originally started out as a digital asset manager in 2014. Since June 2020, customers have also been able to trade shares, ETFs, funds, cryptocurrencies and derivatives. This pays off for the Munich-based company, who only had 80,000 customers when the brokerage service was launched.
However, Scalable Capital is still well behind its competitor and market leader Trade Republic: At the end of last year, it reported that “well over a million” customers had opened a securities account with Trade Republic. The Berliners also offer trading in shares and ETFs as well as savings plans. Neobrokers are usually reluctant to provide specific information about their user numbers.
According to its own statements, Scalable Capital currently has more than six billion euros in assets on its platform.
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At the same time, the Munich-based company announced on Tuesday that they had also started their offer in France and Spain. Italy and Austria are to follow in a few weeks. “We want to enable everyone to become an investor – across Europe,” says Erik Podzuweit, co-founder and head of Scalable Capital.
With the expansion of its digital investment platform, Scalable Capital is taking on a challenge that many private investors across Europe are facing: investing their money profitably despite the persistently low interest rate environment and rising inflation, in order to make provisions for old age, they say in the message further.
The Munich-based neo-broker is also catching up with Trade Republic, which has been represented in France since January 2021 and also in Spain since October last year. So far, Scalable Capital has been active in Germany, Great Britain and Austria. In Austria, however, only with the German version, a country-specific version is still missing.
Instead of relying on new offices in the developed markets, Scalable Capital has built up a team of around 30 people at its Berlin location for the expansion. Overall, the Neobroker employs more than 380 people at the Munich, Berlin and London locations.
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