Cashboard – Germany’s online wealth management platform – has just secured a Series A funding of €3 million led by Digital Space Ventures. The Berlin-based startup has already received a number of awards and will use the fresh capital to accelerate the further growth.
Currently, the role of banks is changing significantly. According to a study by Ernst & Young 75% of consumers still consider a traditional bank with branches to be their primary financial services provider. However, 40% of customers express both decreased dependence on their bank and increased excitement about what alternative companies can provide. This is the reason why a study by Business Insider Intelligence suggests that alternative investment solutions like Cashboard will manage around 10% of total global assets under management by 2020. This equates to around € 7,5 trillion.
Cashboard is Europe’s first marketplace for retail investment and was founded in year 2014. It combines various products from various asset classes and various providers in one single account. Currently, customers can choose from more than 6,500 financial products from over 100 different providers. This includes traditional products, such as daily deposits or funds & ETF from various banks, but also alternative investment products from renowned European FinTech Startups, such as crowdfunding real estate.
Through diversification the risk is minimised and high returns up to 7% per annum can be achieved. There are no transaction costs, nor bank charges, nor asset based fees. Only in case of making profit Cashboard charges transparent 10% of the gained returns. Customers can open and manage their account purely digital, without any paper.
Robert Henker, CEO at Cashboard: “From day-to-day money to crowdfunding our clients can find any financial product from various providers in one single account. We follow a 100% provider independent approach with a rigorous selection process, which allows us to provide the best possible investment solutions for our customers. We are delighted to have secured this new round of funding, which will allow us to continue our growth trajectory, strengthen our team and internationalize our service.”
The existing investors Redalpine, Earlybird, 500 Startups and renown private investors also participated in the round. Other existing investors include Makers, ProSiebenSat.1 and others.