Scalable Capital MILITARY

Target: Scalable Capital Domain: Military - Military Forensics Research date: 25 October 2026 Evidence period: 2015–2026

Direct Defence Contracting & Procurement

Corporate activities and business classification

Scalable Capital’s published corporate profile identifies its activities as investment-platform technology, brokerage and digital wealth management; the company identifies Erik Podzuweit, Florian Prucker, Adam French and Stefan Mittnik as its founders.¹

The company’s August 2024 fact sheet identifies retail brokerage, digital wealth management and business-to-business financial technology as its main business activities, and lists Baader Bank as a custody partner.²

On 10 September 2025, Scalable Capital announced that its banking subsidiary had received a full banking licence from the European Central Bank, extending its activities to deposits and lending alongside securities trading, custody, clearing and settlement.³

Independent financial-industry reporting on 10 September 2025 described the company as a BlackRock-backed European investment platform expanding into banking services.⁴

Israeli Ministry of Defence and security-body contracts

No public evidence identified of a contract, tender award, framework agreement or memorandum of understanding between Scalable Capital and the Israeli Ministry of Defence, Israel Defence Forces, Israel Prison Service or Israeli Border Police.

Defence procurement and trade directories

No public evidence identified of Scalable Capital appearing as an Israeli military supplier in SIBAT procurement or defence-export records, defence exhibition catalogues or military procurement registries.

Defence cooperation announcements

No public evidence identified of an announced military joint venture, defence-equipment programme or defence-service partnership with an Israeli state security organisation.

Corporate and group relationships

UK Companies House identifies Scalable Capital Limited, company number 09386303, as a company incorporated on 13 January 2015 with fund-management activities as its registered business classification.⁵

Companies House identifies Scalable GmbH, registered in Munich under HRB 215618, as a person with significant control of the UK company through ownership of at least 75% of its shares.⁶

Companies House records show that the UK company applied for voluntary strike-off on 14 September 2026 and received a first Gazette notice on 6 October 2026; the register continued to display a proposal to strike off at the date of examination.⁷

The 2024 corporate fact sheet identifies ING Deutschland, Gerd Kommer Capital, Siemens Private Finance, Oskar, Barclays, Santander and Raiffeisen Banking Group among Scalable Capital’s documented financial-services relationships.²

No public evidence identified linking these documented Scalable Capital financial-services relationships to a specific Israeli military procurement contract.

Dual-Use Products & Tactical Variants

Documented technology products

In December 2024, Scalable Capital announced a vertically integrated investment platform supporting securities custody, brokerage, digital wealth management, lending and exchange-based retail trading.⁸

On 25 August 2026, Scalable Capital announced Agentic Investing, allowing customers to connect AI assistants to investment accounts for securities research, portfolio analysis, watchlists, price alerts, savings plans and customer-approved trading operations.⁹

The announced system supports financial-information retrieval and investment-account operations; its published description does not identify military targeting decisions, fire-control functions or weapons-effect outputs.⁹

Civilian and military application distinction

Scalable Capital’s investment platform and Agentic Investing are documented as financial-services products for investors, with no confirmed purpose-built Israeli military configuration in the examined product announcements.^{8, 9}

The company’s 8 July 2026 derivatives announcement concerns financial investment instruments issued by BNP Paribas, Goldman Sachs, HSBC, UniCredit, Morgan Stanley, Société Générale and Vontobel.¹⁰

The use of investment terminology such as derivatives, leverage or tactical trading does not establish a military-purpose product; the documented instruments are securities-market products.^{10, 11}

Militarised product variants

No public evidence identified of ruggedised hardware, military-specification financial systems, battlefield applications or tactical equipment manufactured or marketed by Scalable Capital for Israeli security forces.

Military end-user certification

No public evidence identified of Israeli military end-user certificates, defence export licences or military-specific technology transfer approvals involving Scalable Capital.

Software designed for kinetic military effects

No public evidence identified of purpose-built autonomous targeting, kill-chain automation, military fire-control AI, guided-weapons integration or precision-strike software developed or supplied by Scalable Capital.

Heavy Machinery, Construction & Infrastructure

Documented geographic operations

Scalable Capital’s August 2024 fact sheet identifies consumer brokerage markets in Germany, Austria, France, Italy, Spain and the Netherlands, together with business-to-business financial-services operations in several European countries.²

On 8 October 2026, the company announced the opening of an Austrian banking branch in Vienna, describing its services as investment brokerage, banking and financial products.¹²

Equipment used in occupied territories

No public evidence identified of Scalable Capital manufacturing, supplying, distributing, owning or maintaining machinery used in Israeli settlements, military installations, demolition operations or the separation barrier.

Direct and indirect equipment supply

No public evidence identified of Scalable Capital equipment reaching Israeli military or settlement infrastructure through authorised dealers, distributors or secondary-market resale.

Construction and engineering contracts

No public evidence identified of construction, engineering, checkpoint, detention-centre, military-base, settlement-expansion or separation-barrier contracts involving Scalable Capital.

Occupied-territory operations

No public evidence identified of Scalable Capital operating a settlement-based branch, construction subsidiary, military logistics installation or physical infrastructure service in the occupied West Bank, including East Jerusalem, or the occupied Golan Heights.

Supply Chain Integration with Defence Primes

Documented financial and investment partners

Scalable Capital’s 20 December 2024 announcement identifies DWS Investment S.A. as the management company of the Scalable MSCI AC World Xtrackers UCITS ETF, MSCI as the index provider and Scalable Capital GmbH as portfolio construction adviser.¹³

The product tracks the MSCI All Country World Index and employs a combination of physical and synthetic portfolio replication, with a stated investment universe of more than 2,600 large- and mid-cap companies.¹³

On 6 August 2026, Scalable Capital announced a second ETF product developed with DWS Xtrackers, offering leveraged exposure to global equity markets.¹¹

On 2 July 2024, Scalable Capital and Amundi announced an ETF distribution partnership making a range of Amundi investment funds available to the platform’s retail investors.¹⁴

These disclosed DWS, MSCI and Amundi relationships concern investment products, portfolio construction and securities distribution; the cited announcements do not identify the supply of military components or services to Israeli defence manufacturers.^{11, 13, 14}

Financial infrastructure providers

Scalable Capital’s August 2024 fact sheet identifies Baader Bank as a custodian for its brokerage and wealth-management services.²

Baader Bank’s corporate disclosure identifies its financial-services group structure, including subsidiaries and operations based in Germany, Switzerland, the United Kingdom and the United States.¹⁵

The documented relationship is a financial-services and custody arrangement; no Israeli defence-component supply by Scalable Capital is identified in the examined disclosures.^{2, 15}

Supply to Israeli defence manufacturers

No public evidence identified of Scalable Capital supplying components, software designed for kinetic military effects, specialist manufacturing services or raw materials to Elbit Systems, Israel Aerospace Industries, Rafael Advanced Defense Systems or Israel Military Industries.

Specific component categories

No public evidence identified of optical components, weapons electronics, propulsion materials, armour, radar systems, fire-control subsystems, guidance components or other defence-specific physical supplies attributable to Scalable Capital.

Joint development and military technology transfer

No public evidence identified of Scalable Capital participating in a military technology transfer, licensed defence manufacturing agreement, weapons co-production programme or joint development project with an Israeli defence prime.

Ownership and investment relationships

Scalable Capital’s 3 June 2025 funding announcement records a €155 million funding round led by Sofina and Noteus Partners, with existing investors Balderton Capital, Tencent and HV Capital also participating.¹⁶

Its corporate profile identifies BlackRock among its investors, while independent reporting also describes BlackRock as an investor in Scalable Capital.^{1, 4}

The identified investor relationships establish financing of Scalable Capital’s financial-services business; the examined sources do not document an Israeli defence procurement transaction undertaken by Scalable Capital on behalf of those investors.^{4, 16}

No public evidence identified establishing that Scalable Capital’s controlling shareholders directed the company to provide military equipment or services to Israeli defence forces.

Logistical Sustainment & Base Services

Financial-services operating model

Scalable Capital’s September 2025 banking announcement describes its integrated services as account administration, trading, clearing, securities settlement, custody, deposits and lending.³

Its 16 March 2026 product announcement describes an overnight savings account with banking functions including deposits, withdrawals and interest payments.¹⁷

Military installation services

No public evidence identified of Scalable Capital providing catering, military transport, fuel, waste management, facilities maintenance, base communications or other logistical support to IDF installations.

Occupied-territory service locations

No public evidence identified of Scalable Capital providing military-installation services in the occupied West Bank, East Jerusalem or Golan Heights.

No public evidence identified of a military logistics service operated by Scalable Capital in the Negev.

Military cargo, shipping and port handling

No public evidence identified of Scalable Capital providing military freight forwarding, cargo handling, maritime transport, shipping management or port services for Israeli defence shipments.

Military banking and payment services

No public evidence identified of Scalable Capital holding a named Israeli defence ministry or military unit account, operating a military payroll programme or providing a specifically contracted defence-force banking service.

Munitions, Weapons Systems & Strategic Platforms

Declared product portfolio

Scalable Capital’s 8 July 2026 announcement describes securities trading across more than 1.8 million financial derivatives, including products distributed through seven named financial issuers.¹⁰

Its 6 August 2026 ETF announcement describes leveraged investment exposure to global equities through a regulated investment-fund structure.¹¹

Its September 2026 banking announcement describes savings and fixed-term deposit products, while its October 2026 Austrian announcement describes an investment universe including stocks, ETFs, derivatives, bonds and digital investment products.^{12, 18}

These announced activities concern financial investment instruments and banking services; the product descriptions do not identify weapons, ammunition or military strategic platforms manufactured by Scalable Capital.^{10, 11, 18}

Lethal weapons manufacturing

No public evidence identified of Scalable Capital manufacturing or supplying small arms, artillery, armoured vehicles, military drones, naval vessels or other lethal weapons platforms to Israeli forces.

Munitions and precursor materials

No public evidence identified of Scalable Capital supplying ammunition, explosive materials, propellants, warheads, chemical precursors or ordnance components to Israeli defence end-users.

Strategic defence systems

No public evidence identified of Scalable Capital manufacturing, integrating, maintaining or supplying components for Iron Dome, David’s Sling, Arrow, Israeli combat aircraft, main battle tanks, warships or ballistic missile systems.

Critical weapons subsystems

No public evidence identified of Scalable Capital supplying military radar, fire-control systems, guidance electronics, military propulsion systems, targeting hardware or weapons-specific AI.

Military-purpose investment technology

No public evidence identified of a Scalable Capital product whose designed output generates military targets, authorises kinetic engagement or directly controls weapons effects.

Export Licensing, Regulatory & Legal History

Financial regulatory authorisation

Scalable Capital announced on 10 September 2025 that the European Central Bank had authorised Scalable Capital Bank GmbH to conduct deposit and lending business.³

The company’s published FAQ identifies supervision by BaFin and the Deutsche Bundesbank and describes the regulated entity as a CRR credit institution.¹⁹

This authorisation concerns banking and financial services, with no military export authorisation identified in the examined announcement or regulatory FAQ.^{3, 19}

Export licence decisions

No public evidence identified of a government granting, refusing, suspending or revoking an arms or military dual-use export licence held by Scalable Capital for Israeli defence end-users.

Arms embargo and sanctions enforcement

No public evidence identified of an arms embargo violation, defence export-control enforcement action or sanctions penalty against Scalable Capital concerning Israeli military supply.

Defence-related litigation

No public evidence identified of litigation, judicial review or administrative proceedings involving Scalable Capital as a supplier of Israeli military equipment, weapons technology or defence logistics.

UK company proceedings

UK Companies House records show a voluntary strike-off application dated 14 September 2026 and a first Gazette notice dated 6 October 2026 for Scalable Capital Limited; these are corporate-registration proceedings rather than evidence of defence-related enforcement.⁷

Constructive notice and continued conduct

Scalable Capital announced continuing financial-services developments after July 2024, including its December 2024 investment-platform expansion, September 2025 banking authorisation and August 2026 AI-assisted investment service.^{3, 8, 9}

No public evidence identified of a qualifying Israeli military-supply contract continuing after 19 July 2024 or after the November 2024 ICC arrest warrants.

No public evidence identified of Scalable Capital receiving and disregarding a defence-specific shareholder resolution, sanctions notice or documented demand to terminate an Israeli military procurement relationship.

Civil Society Scrutiny & Documented Investigations

Company and governance context

Scalable Capital identifies Erik Podzuweit and Florian Prucker as founders and co-CEOs, with professional backgrounds in financial services and electronic securities trading.¹

UK Companies House records identify Simon Charles Miller as a director of Scalable Capital Limited and record former appointments involving Adam French, Erik Podzuweit, Florian Prucker, Stefan Mittnik and Manuela Rabener.²⁰

Companies House records show that Adam French subsequently held appointments in venture-investment and fintech-related organisations, including Houghton Street Ventures and Innovate Finance.²¹

These governance records establish named corporate appointments but do not identify an Israeli military-industry directorship or defence procurement activity undertaken on Scalable Capital’s behalf.^{20, 21}

Controlling-principal military-channel activities

No public evidence identified of a verified military procurement role, Israeli defence-prime board appointment, military-specific investment vehicle or direct military-support donation attributable to Scalable Capital’s qualifying controlling principals.

No public evidence identified of a documented corporate policy funding Israeli military reservist compensation, Israeli military-support organisations or military-linked charitable matching.

No public evidence identified of an attributable public commitment by Scalable Capital’s qualifying controlling principals to finance or supply Israeli military operations.

Specialist NGO investigations

No public evidence identified in the searches undertaken of a Scalable Capital-specific military supply-chain investigation by Who Profits, AFSC Investigate, Amnesty International, Human Rights Watch, Al-Haq, SOMO or BankTrack.

No public evidence identified establishing Scalable Capital as a named Israeli military contractor in the specialist civil-society material located during this research.

Boycott and divestment campaigns

No public evidence identified of an organised Scalable Capital-specific boycott or institutional divestment campaign based on a verified contract supplying equipment or services to Israeli security forces.

No public evidence identified of a pension fund or sovereign wealth fund publicly divesting from Scalable Capital because of a documented Israeli defence procurement relationship.

Corporate responses and policies

No public evidence identified of Scalable Capital terminating an Israeli military contract, adopting an Israeli military end-use monitoring commitment or changing a defence export policy following civil-society pressure.

Financial-sector distinction

Scalable Capital’s disclosed shareholders and commercial partners include established financial institutions and investment companies, while its documented services concern the operation and distribution of investment products.^{1, 2, 16}

Its December 2024 World ETF announcement identifies Scalable Capital GmbH as portfolio construction adviser and DWS Investment S.A. as fund management company, with physical and synthetic methods used to reproduce a diversified equity index.¹³

These documented arrangements establish investment-product roles but do not determine whether Scalable Capital’s own balance sheet holds any specific Israeli defence-security issuer, or whether an identifiable portfolio position financed a particular military contract.¹³

No public evidence identified establishing direct military-supply activity by Scalable Capital through a documented shareholder, subsidiary, licensee or operationally integrated affiliate.