Scalable expands

Neobroker is moving abroad. Italy and France are among the countries on the start-up's list.

Neobroker Scalable Capital is looking to expand abroad. After benefiting greatly from the German share hype in recent months, the start-up now wants to try its luck in Italy, France and Spain. These are the Munich-based fintech's first forays into non-domestic territory.

Money for the expansion is likely to come from the fintech's previous financing round. Scalable Capital cracked the magic unicorn mark with this round and is currently valued at 1.4 billion euros. The neobroker received a total of 150 million euros, half of which came from the Chinese internet company Tencent. "The demand for accessible solutions for private investing is increasing in the European markets, especially among millennials," said Danying Ma, Managing Director of Tencent Investment at the time.

By January, CEO Erik Podzuweit now wants to expand into Italy, France and Spain and launch the company's own neobroker there. The broker is a relatively new business for the Munich-based company, having only been launched in summer 2020. Previously, the start-up had mainly tried its hand as an asset manager. Thanks to the share hype during the coronavirus summer, the new offering got off to a successful start, which Podzuweit now apparently wants to copy in other markets. Two more markets, the Netherlands and Austria, could even be added in the course of next year.