Scalable Capital lands USD 180 mln from Tencent

Friday 11 June 2021 11:13 CET | News

Digital wealth manager Scalable Capital has raised a series E funding round of USD 180 million led by China-based Tencent, according to AltFi.

Existing shareholders also participated in the Series E. Tencent owns Wechat Pay, but also has some other  fintech investments in global companies such as Nubank and N26. Thee new cash brings the total capital raised by Scalable Capital to over USD 320 million and has pushed its valuation to USD 1.4 billion.

Scalable, which launched in February 2016, initially offered a direct to consumer business that was shuttered in the UK at the start of 2021. It raised money last in July 2020 with a USD 50 million round. In June 2020, the company launched a neo-broker. More than half of its client assets in the broker are invested in over 1,500 Exchange Traded Funds (ETFs) available on the platform, the rest is spread across over 4,000 shares and 2,000 funds.

Now, the company has a quarter of a million clients and over USD 5 billion of client assets on its platform.

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Keywords: investment, fintech, online banking, wealth management
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Europe
This article is part of category

Banking & Fintech