Digital wealth management platform and online broker Scalable Capital has received authorization from the ECB to operate as a fully-fledged bank, allowing it to conduct deposit and lending businesses.
Supervised by BaFin and the Deutsche Bundesbank, this banking license enables Scalable Capital to offer a comprehensive range of investment and banking services. In addition to account management, trading, clearing, settlement, and custody, the firm will now accept customer funds as deposits and engage in lending.
Florian Prucker, founder and co-CEO of Scalable Capital, stated, “Our strength lies in our unique, fully vertically integrated business model. We develop our technology in-house and manage the entire value chain with our own banking license. This allows us to efficiently and securely cater to our clients.”
Clients of Scalable Capital can trade 8,000 stocks, 2,500 ETFs, and 3,500 funds and other exchange-traded products, as well as private equity investments and cryptocurrencies, earning interest on their cash accounts. The platform currently holds over €30 billion for more than one million customers.
With its new banking license, the firm plans to offer loans ranging from €1,000 to €100,000, featuring variable interest rates between 3.24% and 4.24% per annum. This licensing comes shortly after the company completed a €155 million equity financing round.