Scalable Capital is a German digital investment platform based in Munich. Founded in 2014, it launched as a robo-advisor in 2016 and later expanded into self-directed brokerage and banking services. In 2025, the company received a full banking licence from the European Central Bank. By 2025, the platform held more than â¬30 billion for over one million customers and was active in Germany, Austria, France, Italy, Spain and the Netherlands.
Scalable Capital was founded in Munich in 2014 by Erik Podzuweit, Florian Prucker, Adam French and Stefan Mittnik.
The company launched in 2016 as a robo-advisor for automated wealth management and entered the UK market the same year.
In 2017, BlackRock took a stake in Scalable Capital. Later that year, Scalable Capital entered into a partnership with ING Germany to offer a fully digital investment service to the bank's retail customers. Bloomberg later linked the company's early growth in assets under management to its bank-partnership model, including its cooperation with ING Germany.
By May 2018, Bloomberg reported that the company had reached â¬1 billion in assets under management.
In July 2020, Scalable Capital raised â¬50 million in a Series D round at a reported post-money valuation of about â¬400 million. Around the same time, it launched its online broker, expanding beyond automated wealth management.
In early 2021, the company closed its direct-to-consumer UK service to focus on the German market. Later that year, it raised â¬150 million in a Tencent-led funding round at a reported valuation of $1.4 billion, becoming a unicorn. At the time, Scalable was active in Germany and Austria and planned launches in France, Italy and Spain. In November 2021, it acquired the ETF information portal justETF.
In August 2022, the company announced that client assets had surpassed â¬10 billion. In December 2023, Scalable Capital raised another â¬60 million in an extension round led by Balderton Capital. TechCrunch reported that the financing was done at an unchanged $1.4 billion valuation.
In April 2024, ETF Stream reported that client assets had reached â¬20 billion and that the customer base had grown to more than one million.
In December 2024, Scalable Capital and the launched the European Investor Exchange (EIX), a new electronic trading venue for retail investors, as part of the company's broader effort to bring more trading and custody functions onto its own infrastructure rather than relying entirely on external partners.
In February 2025, Scalable Capital began offering eligible retail investors in Germany access to a BlackRock private equity fund.
During the market turmoil in April 2025, the company recorded record trading volumes and fee income, although the Financial Times reported that users also experienced access delays. BaFin later said that the technical disruptions affecting investment service providers in April 2025 had prompted additional supervisory attention to broker resilience.
In June 2025, the company raised another â¬155 million from investors led by Sofina and Noteus Partners at a reported valuation of about â¬1.5 billion. The Financial Times reported that Scalable still held about half of the â¬300 million it had raised previously and was aiming for profitability by the following year. By 2025, the company was active in Austria, France, Italy, Spain and the Netherlands in addition to Germany.
In September 2025, the European Central Bank granted Scalable Capital a full banking license, allowing it to offer deposit-taking and lending services directly under the supervision of BaFin and the Bundesbank. The move reduced the company's reliance on partner banks and supported the transition from securities accounts previously held through Baader Bank to Scalable's own infrastructure.
In October 2020, a data breach at a former service provider used by Scalable Capital exposed identity, tax and securities-account data. According to Handelsblatt, more than 33,000 people in Germany and the UK had been affected. For comparison, TechCrunch reported in June 2021 that Scalable Capital had 250,000 customers. In December 2021, the Munich I Regional Court awarded one claimant â¬2,500 in non-material damages and held that future material losses arising from the theft would also have to be compensated.
The dispute later formed part of joined cases C-182/22 and C-189/22 before the Court of Justice of the European Union. In June 2024, the court clarified that compensation under Article 82 of the GDPR is not limited to cases where stolen personal data has already been used for identity theft or fraud. It also held, however, that a GDPR infringement alone does not automatically entitle a claimant to damages; actual non-material harm must still be shown.
In February 2025, the Consumer Centre Baden-Württemberg issued a warning to Scalable Capital and Trade Republic over how they presented interest-bearing cash balances to customers. The consumer group argued that the brokers' marketing was misleading because the advertised interest rate was variable, applied only to the portion of customer balances held as deposits, and did not make sufficiently clear when cash could instead be placed in money market funds, which were not covered by statutory deposit-protection schemes.