Online wealth management platform Cashboard raises 3 million euros in Series A funding
Cashboard (www.cashboard.io), Germany’s fastest growing online wealth management platform, has secured a series A funding of EUR 3m led by Digital Space Ventures. The existing investors Redalpine Capital, Earlybird Venture Capital, 500 Startups and renown private investors also participated in the round. Other existing investors include Makers, ProSiebenSat.1 and others.
“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.” says Robert Henker, CEO at Cashboard. Unlike many so called robo-advisors, Cashboard is the only platform which is not just selling Exchange Traded Funds (ETFs), but gives clients access to a broad spectrum of different asset classes. “From day-to-day money to crowdfunding, our clients can find any financial product from various providers in one single account”, Robert Henker continuous, “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.”
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. The implication is clear: the relevance of banks is waning. This is 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 $8 trillion.
Cashboard is currently Europe’s first and only curated marketplace for retail investment. Where others only sell one product Cashboard is the only online platform combining various products from various asset classes and 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 and ETFs 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 percent per annum can be achieved. Fees accrue none: there are no transaction costs, nor bank charges, nor asset based fees. Only in case of making profit Cashboard charges transparent 10 percent of the gained returns. Cashboard customers benefit from the safety of a personal bank account. Furthermore, they can open and manage their account purely digital, without any paper.
CASHBOARD GmbH, headquartered in Berlin, is one of the leading financial technology companies in Germany and is investing in state-of-the-art security technology together with your account / deposit bank, the ebase®, to protect your data and your system. Behind us are leading global investors from Germany, Europe and the USA.Since 2014, the largest German television and media group, ProSiebenSat1 Media AG, has also been involved in CASHBOARD.
Source: Earlybird Venture Capital Press Release