Target: Scalable Capital Evidence cut-off: 25 October 2026 Scope: Enterprise technology, digital infrastructure, data processing, Israeli technology-sector relationships, and technology provision to Israeli state or settlement institutions.
Enterprise Technology Stack & Vendor Relationships
Corporate technology operations
Scalable Capital describes itself as a European digital investment platform founded in 2014 by Erik Podzuweit, Florian Prucker, Adam French, and Stefan Mittnik, with principal operations in Germany and other European markets.1
On 10 December 2024, Scalable Capital announced a vertically integrated technology platform covering brokerage, digital wealth management, securities custody, and related investment services.2
On 10 September 2025, Scalable Capital announced that it had received a full banking licence, extending its ability to operate account management, trading, clearing, settlement, custody, deposits, and lending within its group infrastructure.3
Confirmed enterprise technology vendors
Scalable Capital’s current privacy policy identifies Amazon Web Services EMEA SARL as the processor hosting databases and website content, with data generally stored in Frankfurt am Main, Germany.4
The same policy identifies Salesforce.com Germany GmbH as a processor for customer relationship management, ticketing, and customer communication activities.5
The policy identifies Google Firebase Cloud Messaging for Android push notifications, AWS Simple Notification Service for notification delivery, and Google Firebase Crashlytics for application diagnostics.6
The published privacy policy also identifies Microsoft Advertising Remarketing, LinkedIn Insight Tag, and Adjust as technologies used in digital advertising, measurement, or application marketing.7
Identity verification and financial compliance
Scalable Capital identifies Deutsche Post AG’s POSTIDENT service and Fourthline B.V. as identity-verification providers, depending on the customer, product, market, and verification procedure.8
The company states that identification involves personal information and, where applicable, identity-document copies, photographs, and audiovisual identification records.9
Scalable Capital also describes sanctions-list and politically exposed person screening, including transfers of relevant customer data to external compliance and database service providers; those disclosures do not name every provider in the screening chain.10
Technology provision to financial institutions
Scalable Capital announced in December 2024 that its technology would support the European Investor Exchange, operated with the Hanover Stock Exchange under BÖAG Börsen AG.2
Current service documentation states that BÖAG Börsen AG outsourced the technical operation of the European Investor Exchange to Scalable AG under a contract and that Scalable Capital Bank GmbH and mwb fairtrade Wertpapierhandelsbank AG provide market-making liquidity.11
The European Investor Exchange, gettex, and Xetra are identified as available trading venues for Scalable Capital customers.12
Other commercial relationships
Scalable Capital’s December 2024 announcement identifies Baader Bank AG as an existing custody and market-making partner under a multiyear cooperation arrangement.2
Scalable Capital’s customer guidance confirms that customers migrated from Baader Bank to Scalable Capital Bank during 2025 may receive separate tax certificates covering the activities of the two institutions.13
Israeli-origin cybersecurity vendors
No public evidence identified of direct procurement, licensing, or deployment by Scalable Capital of Check Point, Wiz, SentinelOne, CyberArk, NICE, Verint, Claroty, Palo Alto Networks, or another specifically identified Israeli-origin enterprise cybersecurity platform.
Israeli securities and product distinction
The Scalable-owned justETF platform publishes a company profile of Israel-headquartered Check Point Software Technologies, identifying its cybersecurity products and displaying a Scalable Capital brokerage offer for the company’s securities.14
This documented relationship concerns securities information and access to a brokerage offering; the cited material does not document Scalable Capital procuring Check Point’s cybersecurity technology.14
Israeli-origin systems integrators
No public evidence identified.
Verified operational dependency
AWS is expressly identified as a database and website-hosting provider, Salesforce as a customer-service processor, and Fourthline as an identity-verification processor for applicable customers.4, 5, 8
No public evidence identified establishing the percentage of Scalable Capital’s IT expenditure attributable to Israeli-origin technology or identifying Israeli-origin products as components of its critical trading infrastructure.
Surveillance, Biometrics & Retail Technology
Customer identification
Scalable Capital’s published identification procedures cover the processing of identity documents and, for applicable identification methods, photographic and audiovisual records.9
The identified verification providers include Fourthline B.V. and Deutsche Post AG, with procedure availability varying between customers and markets.8
Customer-interaction monitoring
Scalable Capital’s privacy policy describes optional telephone-call recording, performed with customer consent, for quality assurance and service improvement.5
The same policy describes customer interaction analysis and processing of account-related information for customer service and communications.5
Digital behavioural analytics
Scalable Capital’s privacy policy describes advertising and application analytics involving technologies from Microsoft, LinkedIn, Google, and Adjust, including processing of device-related and interaction information for their respective disclosed purposes.6, 7
Israeli-origin biometric technologies
No public evidence identified of Scalable Capital deploying facial-recognition, gait-analysis, biometric-surveillance, or retail-analytics products supplied by Trigo, BriefCam, AnyVision/Oosto, Trax, or another specifically identified Israeli-origin company.
Predictive policing and workforce surveillance
No public evidence identified.
Military or intelligence surveillance applications
No public evidence identified.
Indirect deployment through bundled platforms
No public evidence identified that an Israeli-origin surveillance or biometric product is deployed through Scalable Capital’s disclosed AWS, Salesforce, Google, Fourthline, or other technology arrangements.
Territorial applications
No public evidence identified of Scalable Capital deploying surveillance technology in Israeli settlements, East Jerusalem, the occupied West Bank, or the occupied Syrian Golan.
Cloud Infrastructure, Data Residency & Sovereign Cloud Participation
Primary cloud infrastructure
Scalable Capital’s privacy policy names Amazon Web Services EMEA SARL as a hosting processor and identifies Frankfurt am Main, Germany, as the general location of its database and website-content hosting.4
Scalable Capital separately states that personal information, including account and financial information, is encrypted and stored in a German data centre.15
Mobile infrastructure
Scalable Capital identifies AWS Simple Notification Service and Google Firebase Cloud Messaging as notification infrastructure components.6
Its privacy policy identifies Google Firebase Crashlytics as an application-stability and diagnostic processing service.6
Customer-support data residency
Scalable Capital identifies Salesforce.com Germany GmbH as a data processor and states that processing of customer personal data in the United States cannot be excluded in individual cases.5
The company describes contractual safeguards, including European Commission standard contractual clauses, for relevant international processing arrangements.5
Identity data
Scalable Capital identifies Fourthline B.V. in Amsterdam and Deutsche Post AG in Bonn as processors for applicable identity-verification procedures.8
The published identification arrangements cover information needed for financial-services compliance, including identity documents and evidence collected during verification.9
AI-related international transfers
Scalable Capital’s current privacy policy identifies OpenAI Ireland Ltd as an AI-model provider and AWS as a supporting infrastructure provider for its AI assistant functionality.16
The policy further states that customers connecting their accounts to external AI assistants or MCP clients may transfer personal information to the selected external provider for the requested functionality.16
Israeli data centres
No public evidence identified of Scalable Capital operating, leasing, or colocating a data centre in Israel.
Israeli data processing
No public evidence identified of Scalable Capital customer records being stored or processed within Israeli jurisdiction.
Project Nimbus
No public evidence identified establishing that Scalable Capital is a Project Nimbus contractor, subcontractor, government customer, technology supplier, or implementation partner.
Israeli sovereign cloud services
No public evidence identified of services provided by Scalable Capital to Israeli government, military, intelligence, or other state bodies for sovereign cloud hosting, data residency, or digital infrastructure resilience.
Indirect Israeli-jurisdiction exposure
No public evidence identified establishing that Scalable Capital’s disclosed AWS, Google, Salesforce, Fourthline, or OpenAI processing arrangements route customer data through infrastructure located within Israeli jurisdiction.
Scope of verified infrastructure provision
Scalable AG is identified as the contracted technical operator of the European Investor Exchange on behalf of the German exchange operator BÖAG Börsen AG.11
The company’s public status service reports the operational status of onboarding, customer identification, mobile and web applications, trading venues, and custody-related services, including the European Investor Exchange.17
Defence, Intelligence & Security Sector Technology Relationships
Military and intelligence contracts
No public evidence identified of technology contracts between Scalable Capital or its identified subsidiaries and the Israeli Ministry of Defence, Israel Defence Forces, Israeli intelligence agencies, or Israeli security institutions.
General-purpose technology provided to third parties
Scalable AG operates technology supporting the European Investor Exchange under a contract with BÖAG Börsen AG.11
The documented counterparty and operating framework are associated with the Hanover Stock Exchange in Germany.11
Israeli military applications
No public evidence identified that Scalable Capital’s brokerage, exchange, custody, customer-data, or investment-management technology is supplied to Israeli military institutions.
Dual-use technology
No public evidence identified of Scalable Capital technology being deployed for Israeli military communications, surveillance, intelligence analysis, or battlefield logistics.
Offensive cybersecurity
No public evidence identified of Scalable Capital developing, selling, licensing, or maintaining offensive cyber capabilities, exploit tools, or intrusion platforms for Israeli state actors.
Digital weapons systems
No public evidence identified.
Settlement-related services
No public evidence identified of Scalable Capital providing trading infrastructure, enterprise software, surveillance systems, or digital financial-service infrastructure to an identified Israeli settlement operator.
Post-19 July 2024 and post-November 2024 provision
The company’s documented exchange-technology provision began with the vertically integrated platform and European Investor Exchange announced in December 2024 and is supported by current service documentation.2, 11
No public evidence identified connecting that post-July 2024 or post-November 2024 provision to an Israeli state, military, intelligence, or settlement customer.
AI, Algorithmic & Autonomous Systems
Algorithmic investment services
Scalable Capital describes its digital investment offering as using technology and quantitative financial methods to support investment and wealth-management activities.1
Its December 2024 announcement describes integration of brokerage, digital wealth management, and lending offerings through a newly developed technology platform.2
Third-party AI models
Scalable Capital’s current privacy policy identifies OpenAI Ireland Ltd as a supplier of AI models supporting AI assistant functionality.16
The stated functions include responding to user prompts and identifying information sources required for those responses.16
The policy identifies AWS as the provider of supporting infrastructure for these AI assistant services.16
External AI integrations
Scalable Capital describes customer-controlled functionality involving Scalable CLI and connections to external AI assistants or MCP clients, with associated data transfers to the selected external provider.16
Customer-data analytics
Scalable Capital describes processing of app diagnostic information, customer communications, and marketing interaction data through named external technology services.5, 6, 7
AI or machine learning supplied to Israeli state bodies
No public evidence identified.
Israeli military AI programmes
No public evidence identified.
Surveillance-derived training data
No public evidence identified of Scalable Capital AI models being trained on civilian-surveillance datasets, intercepted communications, or other datasets originating from Israeli military or intelligence operations.
Autonomous targeting
No public evidence identified.
Automated weapons and kill-chain systems
No public evidence identified.
Israeli AI research partnerships
No public evidence identified of an AI research, training, model-development, or technology-licensing agreement with an Israeli military research organisation, government laboratory, university, or surveillance company.
Technology Ecosystem & R&D Footprint
Group structure and subsidiaries
Scalable Capital was founded in 2014 by Erik Podzuweit, Florian Prucker, Adam French, and Stefan Mittnik.1
Scalable Capital acquired justETF GmbH in November 2021, extending its activities into ETF information, portfolio tools, and financial-data services.18
The justETF platform confirms that it became part of the Scalable Group in 2021 and continues to provide ETF research, comparisons, portfolio monitoring, and educational services.19
The justETF corporate disclosure identifies its current relationship with the Scalable Group and describes the platform’s continuing editorial and comparison activities.14
Financial-data products
justETF provides ETF comparisons, portfolio planning, market-data resources, and portfolio-management tools for European investors.19
Scalable Capital provides access to securities and financial products through the European Investor Exchange, gettex, and Xetra.12
Current investment relationships
Scalable Capital announced a €155 million financing round on 3 June 2025 led by Sofina and Noteus Partners, with participation by Balderton Capital, Tencent, and HV Capital.20
The company identified these investors as supporting continued development of its digital investment platform.20
Historical investor and governance relationship
[pre-2020] In June 2017, BlackRock led a €30 million financing round in Scalable Capital, and Patrick Olson, then a BlackRock executive, was announced as joining Scalable Capital’s board.21
[pre-2020] In October 2017, Scalable Capital and BlackRock announced a relationship allowing UK-based BlackRock employees access to Scalable Capital’s digital investment-management services.22
The 2017 sources establish the historical investment and governance arrangements; they do not establish the continuation of every historical board appointment into October 2026.21, 22
Technology research and development
Scalable Capital’s December 2024 corporate announcement identifies an internally developed technology platform and the company’s technology provision to the European Investor Exchange.2
Israeli research and development facilities
No public evidence identified of Scalable Capital or justETF operating a research centre, engineering office, innovation laboratory, or accelerator programme in Israel.
Israeli technology acquisitions
No public evidence identified.
Israeli technology investments by Scalable Capital
No public evidence identified.
Controlling-principal investments
No public evidence identified establishing a direct investment by a verified controlling Scalable Capital principal, acting personally or through an identified controlled vehicle, in an Israeli military, surveillance, intelligence, offensive-cyber, or defence-AI company.
Israeli university and research-institute relationships
No public evidence identified of a direct technology research, patent-licensing, or co-development agreement between Scalable Capital and the Technion, Hebrew University, Weizmann Institute, or another Israeli research institution.
Patent and intellectual-property relationships
No public evidence identified of an Israeli-domiciled co-assignee, licensor, or research partner in Scalable Capital’s technology or intellectual-property arrangements.
Subsidiary platform coverage of Israeli companies
The Scalable-owned justETF platform publishes investment information on Check Point Software Technologies, including company details and brokerage-offer information.14
No public evidence identified that this securities-information coverage constitutes an enterprise technology partnership between Scalable Capital and Check Point.
Civil Society Scrutiny & Regulatory History
Banking regulation
On 10 September 2025, Scalable Capital announced that the European Central Bank had authorised it to undertake deposit and lending business as a full bank.3
The company’s announcement states that Scalable Capital Bank GmbH is supervised by Germany’s Federal Financial Supervisory Authority and Deutsche Bundesbank.3
Operational transparency
Scalable Capital operates a public service-status page covering its applications, identification services, trading venues, customer-support functions, and custody-related services.17
The page includes a record of operational incidents and scheduled maintenance, including exchange-related technical interruptions in October 2026.17
Cybersecurity and customer fraud
Scalable Capital publishes customer guidance concerning fraudulent accounts and impersonation on social media.23
The company states that it does not operate customer-facing accounts on WhatsApp, Telegram, or Signal and does not distribute investment applications through social-media messages.23
UN and NGO investigations involving Israeli technology relationships
No public evidence identified of a UN report, published NGO investigation, or academic study specifically documenting Scalable Capital’s technology provision to Israeli military, intelligence, or settlement institutions.
OHCHR settlement-business database
No verified entry identifying Scalable Capital or its named operating subsidiaries was established during the available research.
Boycott and divestment campaigns
No public evidence identified of an organised campaign specifically targeting Scalable Capital for providing digital technology to Israeli military bodies or settlement operators.
Company responses to such campaigns
No public evidence identified.
Regulatory investigations involving Israeli technology contracts
No public evidence identified.
Export-control investigations
No public evidence identified.
Sanctions-related proceedings arising from technology provision to Israeli state institutions
No public evidence identified.
Proceedings concerning technology deployed in occupied territories
No public evidence identified.
Footnotes
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Scalable Capital, “About us,” corporate description, founders, operations and technology. https://front-prod-b2c-at.prod-b2c.scalable.capital/en/about-us ↩ ↩2 ↩3
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Scalable Capital, “The new Scalable Capital: Fully vertically integrated investment platform and a new European stock exchange for retail investors,” 10 December 2024. https://fr.scalable.capital/en/newsroom/the-new-scalable-capital_EN ↩ ↩2 ↩3 ↩4 ↩5 ↩6
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Scalable Capital, “Scalable is now a bank,” 10 September 2025. https://nl.scalable.capital/en/newsroom/scalable-is-now-a-bank ↩ ↩2 ↩3
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Scalable Capital, “Privacy Policy,” Section 3.1, hosting and AWS data processing, accessed October 2026. https://es.scalable.capital/en/privacy ↩ ↩2 ↩3
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Scalable Capital, “Privacy Policy,” customer communications, Salesforce processing and interaction recording, accessed October 2026. https://front-prod-b2c-at.prod-b2c.scalable.capital/en/privacy ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7
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Scalable Capital, “Privacy Policy,” AWS notification infrastructure and Google Firebase services, accessed October 2026. https://at.scalable.capital/en/privacy ↩ ↩2 ↩3 ↩4 ↩5
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Scalable Capital, “Privacy Policy,” advertising technology, analytics, and marketing processing, accessed October 2026. https://it.scalable.capital/en/privacy ↩ ↩2 ↩3
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Scalable Capital, “Privacy Policy,” identification processors including POSTIDENT and Fourthline, accessed October 2026. https://at.scalable.capital/en/privacy ↩ ↩2 ↩3 ↩4
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Scalable Capital, “Privacy Policy,” identification records and verification procedures, accessed October 2026. https://it.scalable.capital/en/privacy ↩ ↩2 ↩3
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Scalable Capital, “Privacy Policy,” sanctions and politically exposed person screening, accessed October 2026. https://es.scalable.capital/en/privacy ↩
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Scalable Capital, “What is the European Investor Exchange?” Official help documentation, accessed October 2026. https://help.scalable.capital/en/trading-1541d52f/what-is-the-european-investor-exchange-f25b8061 ↩ ↩2 ↩3 ↩4 ↩5
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Scalable Capital, “Which stock exchanges are available?” Official help documentation, accessed October 2026. https://help.scalable.capital/en/trading-1541d52f/which-stock-exchanges-are-available-c829b9a4 ↩ ↩2
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Scalable Capital, “When will I receive my tax certificate?” Official customer guidance concerning the 2025 Baader Bank migration, accessed October 2026. https://help.scalable.capital/en/taxes-de12f868/when-will-i-receive-my-tax-certificate-b53ab137 ↩
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justETF, “Check Point Software Tech Stock | Quote & Chart,” including company information, available broker comparison and group ownership disclosure, accessed October 2026. https://www.justetf.com/en-es/stock-profiles/IL0010824113 ↩ ↩2 ↩3 ↩4
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Scalable Capital, “How secure is my personal data?” Official information about encryption and German data storage, accessed October 2026. https://help.scalable.capital/en/security-privacy-6058db40/how-secure-is-my-personal-data-1fd64dfe ↩
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Scalable Capital, “Privacy Policy,” AI assistant functionality, OpenAI Ireland Ltd, AWS and external AI client integrations, accessed October 2026. https://front-prod-b2c-at.prod-b2c.scalable.capital/en/privacy ↩ ↩2 ↩3 ↩4 ↩5 ↩6
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Scalable Capital, “Scalable Capital Status,” current operational components and incident history, accessed 25 October 2026. https://status.scalable.capital/ ↩ ↩2 ↩3
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Osborne Clarke, “Osborne Clarke advises the founders of justETF GmbH on the sale of the company to Scalable Capital GmbH,” 11 November 2021. https://www.osborneclarke.com/news/osborne-clarke-advises-founders-justetf-gmbh-sale-company-scalable-capital-gmbh ↩
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justETF, “ETFs made simple. With justETF,” corporate ownership, ETF information and portfolio services, accessed October 2026. https://www.justetf.com/uk/about/ ↩ ↩2
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Scalable Capital, “Scalable Capital receives €155 million and continues to expand its digital investment platform – Sofina and Noteus Partners lead funding round,” 3 June 2025. https://at.scalable.capital/en/newsroom/funding-round-2025 ↩ ↩2
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Tech.eu, “Digital investment manager Scalable Capital raises €30 million,” 20 June 2017. https://tech.eu/2017/06/20/scalablecapital-raises-funding ↩ ↩2
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Citywire, “Scalable Capital strikes BlackRock investment deal,” 23 October 2017. https://citywire.com/wealth-manager/news/scalable-capital-strikes-blackrock-investment-deal/a1061763 ↩ ↩2
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Scalable Capital, “Cybersecurity: Protection against fraud (Social Media),” official customer guidance, accessed October 2026. https://help.scalable.capital/en/security-privacy-6058db40/cybersecurity-protection-against-fraud-social-media-84658c94 ↩ ↩2