Scalable Capital Now Has Over 500,000 Customers
Scalable Capital and Trade Republic want to occupy the markets before corresponding domestic players, such as Shares in France, become too big. Whether the strategy will work remains to be seen. Traditional online brokers such as Comdirect and DAB, for example, failed in the early noughties in their attempts to establish their offerings outside Germany. Scalable in the UK and Switzerland fared similarly with its robo offering.
Investment fintech company Scalable Capital has significantly increased its customer base in the wake of the general trading boom. According to information from Finanz-Szene.de, the robo and brokerage specialist now stands at a good 500,000 customers. Compared with the approximately 130,000 customers at the end of 2020, this corresponds to a tripling within roughly 15 months. CEO Erik Podzuweit did not want to comment on the number of assets under management in an interview with Finanz-Szene. The last update in this regard was from the fall. At that time, Scalable had stated the number of customer funds with “more than $6.6 billion (€6 billion)”, but including the B2B offerings.
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Roughly two-thirds of Scalable’s customers are now in brokerage
Originally launched as a pure robo advisor, the Munich-based financial startup has increasingly focused on the securities business since the rise of the Berlin-based neobroker Trade Republic. As a result, roughly two-thirds of Scalable’s customers are now in brokerage, and only one-third in the traditional robo business. The change in focus is also reflected in the fact that Scalable Capital launched in France on Monday, March 14th, followed by Spain on Tuesday, March 15th and is also about to launch in Italy – although the Munich-based company is launching in all three markets exclusively as a new broker, i.e. without a separate robo offering.
Trade Republic was also recently launched in the three markets. The calculation of the two Unicorns: While in Germany (for example, FlatexDegiro or Smartbroker) a wide variety of discount brokers are competing, comparable offers are still hardly widespread in Southern Europe. Scalable and Trade Republic want to occupy the markets before corresponding domestic players, such as Shares in France, become too big. Whether the strategy will work remains to be seen. Traditional online brokers such as Comdirect and DAB, for example, failed in the early noughties in their attempts to establish their offerings outside Germany. Scalable in the UK and Switzerland fared similarly with its robo offering.
For the time being, Scalable Capital is foregoing its own locations in France, Spain, and Italy. Instead, the 30-strong team responsible for expansion is based at the Munich headquarters and the Berlin office. The country manager for Spain is Adrian Amorin Luna, who most recently worked in the same position at e-commerce specialist Idealo for a good four years; a head for France has not yet been found, and one for Italy is to be announced soon.
(Featured image by StartupStockPhotos via Pixabay)
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First published in finanz-szene.de, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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