Cashboard closes international Series A round, raises €3 million
Cashboard, Germany’s fastest growing online wealth management platform, has secured a series A funding worth €3m.
Led by Digital Space Ventures, the round also saw participation from existing investors Redalpine, Earlybird, 500 Startups and a number of private investors. Other existing investors include Makers, ProSiebenSat.1 and others.
Robert Henker, Cashboard’s CEO, said, “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.”
Cashboard is 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 numerous 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.
Customers can invest on everything from traditional products – such as daily deposits, funds and exchange trading funds (ETFs) from banks – but also alternative investment products from renowned European FinTech Startups, such as crowdfunding real estate.
Diversification means risk is minimised and high returns up to 7 percent per annum can be achieved. The platform has no transaction costs, bank charges or asset based fees. In fact, Cashboard only makes money when profits are made, charging 10 percent on gained returns.
The role of banks is changing significantly. According to a study by Ernst & Young, while 75 percent of consumers still consider a traditional bank with branches to be their primary financial services provider, 40% of customers express decreased dependence on their bank and increased excitement about what alternative companies can provide.
With the relevance of banks clearly waning, a study from Business Insider Intelligence found that alternative investment solutions like Cashboard will manage around 10 percent of total global assets under management by 2020. This equates to around $8trn.
Henkel continued, “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 percent provider independent approach with a rigorous selection process, which allows us to provide the best possible investment solutions for our customers.”