Scalable Capital has struck a deal with Santander’s domestic digital-only bank. The BlackRock-backed robo-adviser has provided Openbank with a white label wealth management tool dubbed “Invertimos por ti” (“We invest for you”). Customers of the bank with €500 or more to invest can use the platform, choosing from one of five risk profiles or using a goals-based approach. In addition to its investment in Openbank, Santander is also investing in another Spanish start-up, Inversiones de la Seguridad Social, which aims to provide financial services that are not tied to traditional
Scalable Capital has struck a deal with Santander’s domestic digital-only bank. The BlackRock-backed robo-adviser has provided Openbank with a white label wealth management tool dubbed “Invertimos por ti” (“We invest for you”). Customers of the bank with €500 or more to invest can use the platform, choosing from one of five risk profiles or using a goals-based approach. The underlying portfolios are invested in index funds, as these benefit from more advantageous tax treatment than ETFs in Spain.