Scalable Capital has raised an additional €50 million in a Series D financing round.

The money will be used to further accelerate growth in its wealth management, brokerage and its business-to-business units.

One new and all existing investors participated in the funding round - including BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures.

Since the German digital wealth manager was founded in 2014, total funding has reached €116 million.

Co-founder and co-chief executive Erik Podzuweit commented: "We will use the additional capital to expand our position as the market leader in digital wealth management and to reach new customer segments with the broker".

The other co-founder and co-chief executive Florian Prucker added: "Not only has our B2C business grown strongly over the last few years, but Scalable Capital's technology is also used by more and more B2B partners; most recently we launched our partnership with Barclays.

"With this funding round, we also want to expand our team of currently 130 employees in order to drive our expansion and the further development of our platform.”

In July, Barclays partnered with Scalable Capital to launch a new digital advice service, which will give customers access to the bank’s pick of both active and passive funds through a managed portfolio.

The service will initially be piloted with Barclays current account customers who have at least £5,000 to invest and will be accessed through online banking, with dedicated support over the phone. The bank will continue to develop the service over the coming months, with plans to launch on the Barclays app later this summer.

In addition to its robo-advisory services, the firm launched its broker business in June, letting retail investors trade shares, funds and ETFs for a flat rate of €2.99 per month, with no additional fees.

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