Tencent has led a series E round that reportedly tripled LMU Munich-linked Scalable Capital's valuation to $1.4bn.
Scalable Capital, a Germany-based operator of an online wealth management platform co-founded by Ludwig Maximilian University of Munich (LMU Munich) faculty, raised €150m ($183m) in a series E round led by internet and gaming group Tencent today.
Unnamed existing shareholders also took part in the round. TechCrunch identified BlackRock as a participant and said the round valued Scalable Capital at $1.4bn.
Founded in 2014, Scalable has built an online platform for digital wealth management services that allows users to trade stocks and exchange-traded funds at a flat rate of about $3.65 per month. It also recently introduced a brokerage product for trading cryptocurrencies.
The company will use the financing to develop its brokerage and wealth management divisions as well as launch its offering in France, Italy and Spain.
It is currently active in Germany and Austria, and continues to offer services to existing clients in the…
