Berlin-based investing-for-the-rest-of-us platform Ride Capital has raised €3 million in a new funding round. Ride Capital’s capital has been conquered to corner what the company calls, “digital wealth management for the next 9%,” and will be used to further expand the startup’s offers, culminating with becoming a fully licensed private bank. Since mid-2020, Ride has ridden €8 million in total into its ranks.
Addressing what the startup calls a new class of investor, one whose needs are no longer met by traditional banks, Ride Capital takes a “low-tax investing” approach via asset-managing companies with limited liability.
With a minimum buy-in starting at €80,000, Ride Capital has attracted over 1,200 customers and counts north of €250 million in AUA.
“We have noticed that, especially in Germany, there is a service gap for people whose needs are no longer met by retail banks, but whose investment volume is still below that of classic private banking,” commented RIDE Capital’s Christine Kiefer. “We would like to offer our existing services and new investment opportunities to this target group. Thanks to consistent digitalisation, we are well on the way to developing new products and further expanding our portfolio.”
Ride Capital’s newest influx of cash arrives via a conglomeration of angel investors including Lea-Sophie Cramer, Verena Pausder, and the as-of-late omnipresent professional football player Mario Götze.
“Wealth management is not just something for the super-rich,” commented Pausder. “Rather, investing, retirement planning, and asset management are relevant for everyone else as well. That’s why Lea and I, as investors, were convinced by Ride’s idea and plans and want to support the Ride team on its way to becoming a digital private bank.”