Scalable Capital, together with BlackRock, has developed a white-label digital wealth management solution for Openbank, the digital bank of the Santander Group. The Munich-based company is thus further advancing its business with B2B partnerships. The new service, called "Invertimos por ti" ("We invest for you"), is seamlessly integrated into Openbank's online banking and has recently been available to customers of the Spanish digital bank.
"We not only want to become the leading digital wealth manager for private clients in Europe, we also want to establish ourselves as the preferred European B2B platform for digital wealth management solutions. We are delighted that Openbank is now using this platform to offer digital wealth management to clients starting at just €500,"
says Erik Podzuweit, Founder and Managing Director of Scalable Capital.
Scalable Capital provides technology, BlackRock the strategic asset allocation
While Scalable Capital built the technological infrastructure for the digital asset manager, BlackRock provides the strategic asset allocation for Openbank's portfolios. Clients have access to five different risk classes, each with a different weighting of equity and bond index funds. Unlike in Germany, investors invest in index funds rather than exchange-traded funds (ETFs), as no capital gains tax is levied on switching between index funds in Spain.
"We are very pleased with Openbank's trust. Together with BlackRock, we have succeeded in creating a very customer-friendly solution that demonstrates the modularity of our technical infrastructure and thus also demonstrates the broad spectrum of possible B2B cooperation models. We see this model as a prime example for other collaborations we are already working on. But now, our first priority is to get as many Openbank customers as possible excited about digital wealth management,"
says Florian Prucker, Founder and Managing Director of Scalable Capital.
Complete end-to-end automation
Openbank has therefore also chosen Scalable Capital as a partner because the fintech brings the technological expertise to fully automate end-to-end processes. All front-end, back-end, and back-office processes can be easily controlled via APIs. The service is fully integrated into Openbank's online banking, so customers do not need to perform any additional authentication (single sign-on).
