Investment platform Scalable Capital is expanding further into Europe today with its launch in Italy.
Scalable is offering Italian investors access to its commission-free trading platform, savings plans and its just-launched crypto investments.
While the fintech’s ‘robo adviser’ service is not part of the launch, Scalable said it will be coming soon as it rolls out more services from its investment platform.
Erik Podzuweit, co-founder and co-CEO at Scalable Capital, commented: “The online broker, with savings plans and crypto is only the beginning.
"We aim to roll out our full investment platform to the Italian market. We will make even more services accessible to our Italian clients such as our leading robo adviser."
Scalable Capital already operates in Germany, France, Spain and Austria and while it wound down its UK business in 2021, continues to act as a B2B technology provider in the UK.
The investment platform is at the heart of the retail investing boom in Germany which has seen the number of people with ETF savings plans soar to 4.9 million, up from 1.9 million at the end of 2019.
This phenomenon is widely expected to spread to the rest of Europe as retail investors become more comfortable with ETFs.
The firm said it now has over 500,000 clients who have invested over €6bn via its platform.
Alessandro Saldutti, country manager for Italy at Scalable Capital, said: "The Italian market has a strong unexpressed potential and we are convinced that we can contribute to making the world of finance more accessible and transparent for all types of potential investors.
“Italians have a high propensity to save money, usually storing it in deposit accounts and government bonds. However, rising inflation and the low yields of these instruments are enabling more and more Italians to consider investing in the financial markets.”
Its core trading service of shares, ETFs, mutual funds and cryptocurrencies is available at a flat-fee of €2.99/month for unlimited trading, or €0.99 per trade.
This story was originally published on AltFi