Scalable expands

Neobroker is moving abroad. Among others, Italy and France are on the start-up's list.

The neobroker Scalable Capital wants to expand abroad. After benefiting greatly from the German stock hype in recent months, the start-up now wants to try its luck in Italy, France and Spain. These are the first steps the Munich-based fintech is taking on non-domestic soil.

Money for the expansion is likely to come from the fintech's past funding foundation. Scalable Capital had cracked the magic Unicorn mark with it and is currently valued at 1.4 billion euros. The neobroker received a total of 150 million euros, half of the money came from Chinese internet company Tencent. "Demand for accessible private investing solutions is growing in European markets, especially among millennials," Danying Ma, managing director of Tencent Investment said at the time.

Now, by January, chief executive Erik Podzuweit plans to expand into Italy, France and Spain, where he plans to sell the company's in-house Neobroker. The broker is a rather new business of the Munich-based company, it was only launched in the summer of 2020. Previously, the start-up had mainly tried its hand as an asset manager. Thanks to the stock hype in the Corona summer, the new offer started successfully, which Podzuweit now apparently wants to copy in the other markets. In the course of the next year, two further markets could even be added with the Netherlands and Austria.