Target: Scalable Capital Research date: 25 October 2026 Scope: Corporate political communications, territorial operations, internal governance, institutional affiliations, lobbying, financing, corporate structure, and executive activity relating to Israel and Palestine.
Corporate Communications & Public Stance
Official corporate statements
Scalable Capital describes its mission as expanding access to capital markets through technology, ease of use, and lower investment costs. Its public corporate profile identifies the business as a European digital investment platform founded in 2014. 1
Its 3 June 2025 financing announcement reported a €155 million capital raise led by Sofina and Noteus Partners, with participation from existing investors Balderton Capital, Tencent, and HV Capital. Founder and Co-CEO Erik Podzuweit framed the funding as support for expanding the company’s European retail investment platform. 2
No public evidence identified of an official Scalable Capital statement endorsing Israeli military operations, supporting settlement expansion, advocating Palestinian displacement, or announcing a corporate political position on the Gaza conflict.
No public evidence identified of an official company statement condemning Palestinian civilian casualties or announcing a Palestine-specific humanitarian response.
Comparative public posture
Scalable Capital’s 2025 and 2026 corporate announcements document public communications concerning banking regulation, investment access, product innovation, and European commercial expansion. These include its September 2025 banking authorisation announcement and August 2026 Agentic Investing launch. 3, 4
The company’s August 2026 announcement describes compatibility with ChatGPT, Claude, and Grok for investment-account functions, subject to client authorisation and trade approval. It contains no identified Israel-Palestine political declaration. 4
No public evidence identified of a verified Scalable Capital corporate statement supporting Ukraine, Black Lives Matter, or another geopolitical cause suitable for establishing a documented comparative inconsistency in official political communications.
Market framing
On 20 December 2024, Scalable Capital announced a global equities ETF developed with DWS and MSCI. The company described the product through investment diversification, global market access, costs, and portfolio replication. 5
The December 2024 product disclosure identifies DWS Investment S.A. as management company and Scalable Capital GmbH as portfolio-construction adviser. The reference benchmark covers developed and emerging markets, rather than a specifically Israel-focused investment strategy. 5
On 6 August 2026, Scalable Capital announced a second global ETF offering leveraged exposure across developed and emerging markets. Its stated commercial purpose was expanding investment choices for European clients. 6
No public evidence identified of Scalable Capital marketing its services as a contribution to Israeli state-building, territorial expansion, military operations, or settlement development.
Operations in Occupied or Contested Territories
Territorial presence
Scalable Capital’s corporate materials describe operations in Europe, with an organisational history centred on Munich, Berlin, and London. Its September 2025 banking announcement identifies a German regulated banking institution. 1, 3
The company also expanded its European banking presence through an Austrian branch operating from October 2026. Official customer guidance confirms that accounts opened after 8 October 2026 use the Austrian branch arrangements. 7
No public evidence identified of Scalable Capital maintaining an office, registered subsidiary, branch, settlement dealership, or locally identified operational facility in the occupied West Bank, occupied East Jerusalem, or occupied Golan Heights.
No public evidence identified of direct Scalable Capital contracts to supply equipment, financial infrastructure, or services specifically to Israeli settlements or the Israeli military.
Financial-product relationships
The Scalable MSCI AC World Xtrackers UCITS ETF was launched in December 2024 with DWS and MSCI. Its disclosed index and product structure provide broad international equity exposure, and Scalable Capital acts as a portfolio-construction adviser. 5
In August 2026, Scalable Capital identified Scalable Capital Bank GmbH as portfolio-construction adviser for a leveraged global equities ETF managed by DWS Investment S.A. 6
These disclosures establish financial-product relationships and investment-advisory functions; they do not identify a settlement-specific financing programme or a direct Israeli military procurement arrangement. 5, 6
No public evidence identified of a Scalable Capital-branded product whose stated mandate is financing settlement construction, Israeli military procurement, or operations in occupied Palestinian territory.
Regulatory and legal scrutiny
On 10 September 2025, Scalable Capital announced that it had received ECB authorisation to conduct deposit and lending business. It identified BaFin and the Deutsche Bundesbank as responsible German supervisory authorities. 3
Scalable Capital Bank GmbH’s own customer documentation confirms its regulated-bank status and responsibilities for custody, clearing, settlement, deposits, and lending. 8
No public evidence identified of an Israel-Palestine-related regulatory sanction, court judgment, OECD National Contact Point complaint, or publicly verified settlement-related enforcement action against Scalable Capital.
No verified Scalable Capital-specific entry in the UN settlement-business database was established from the accessible evidence.
Civil-society campaigns
No public evidence identified of Scalable Capital being separately named as the target of a documented organised BDS campaign, settlement-specific divestment campaign, or Palestine-related shareholder resolution.
No public evidence identified of a Scalable Capital corporate response to such a campaign.
Internal Governance, Content & Retail Policies
Employee relations
Scalable Capital’s company profile identifies a financial-technology organisation with founders and employees drawn from investment management, technology, and financial-services backgrounds. 1
No public evidence identified of Scalable Capital dismissing, disciplining, or otherwise sanctioning employees because of pro-Palestinian speech, Palestinian symbols, political demonstrations, or Israel-Palestine-related union activity.
No public evidence identified of litigation concerning Scalable Capital employee advocacy on the conflict.
Platform and editorial policy
On 25 August 2026, Scalable Capital announced Agentic Investing, allowing customers to connect AI assistants to brokerage-account functions. The announcement describes account authorisation, investment searches, and user approval of transactions. 4
The product announcement does not identify a Scalable Capital policy restricting Palestinian political speech or favouring Israeli political content. 4
No public evidence identified of independent research or a regulatory finding establishing Israel-Palestine-related content suppression, discriminatory algorithmic moderation, or political censorship by Scalable Capital.
No public evidence identified of an Israel-Palestine-related dispute over its investment platform’s content or editorial presentation.
Retail and supply-chain practices
In July 2026, Scalable Capital announced an expansion of its derivatives offering involving BNP Paribas, Goldman Sachs, HSBC, UniCredit, Morgan Stanley, Société Générale, and Vontobel. The announcement concerned financial-product availability and execution arrangements. 9
The company’s documented retail offering also includes private-equity investment products managed through BlackRock investment structures. 10
No public evidence identified of disputes concerning the physical labelling, sourcing, or retail sale of products manufactured in Israeli settlements.
No public evidence identified of a regulator finding that Scalable Capital misrepresented the settlement origin of goods.
Employee military-service arrangements
No public evidence identified of Scalable Capital operating a specific Israeli reservist salary-subsidy, military-leave sponsorship, or employee-matching programme benefiting Israeli military personnel.
Brand Heritage & State Partnerships
Brand heritage
Scalable Capital’s published corporate history identifies its origins in financial services, quantitative investment management, and digital business models. 1
The company identifies Erik Podzuweit and Florian Prucker as founders with investment-banking and financial-technology backgrounds. 1
No public evidence identified of Scalable Capital marketing itself through Israeli military heritage, intelligence-service origins, defence-sector symbolism, or military operational achievements.
Institutional partnerships
In June 2017, BlackRock led a €30 million financing round in Scalable Capital. Contemporary reporting identified Patrick Olson, then BlackRock’s EMEA chief operating officer, as joining Scalable Capital’s supervisory board. [pre-2020] 11
The historical relationship was also documented in BlackRock’s 2017 annual-report materials, which identified Scalable Capital among its digital wealth-management partners. [pre-2020] 12
The original 2017 board appointment is historical evidence; the reviewed documents do not independently establish whether Patrick Olson retained that specific Scalable Capital position in October 2026. 11
Scalable Capital’s June 2025 financing announcement identifies Sofina, Noteus Partners, Balderton Capital, Tencent, and HV Capital in its investor relationships. 2
In December 2024, Scalable Capital established a product-development and investment-advisory arrangement with DWS and MSCI. 5
The continuing commercial relationship with BlackRock is documented in Scalable Capital’s own materials describing the BlackRock Private Equity Fund available through its platform. 10, 13
No public evidence identified of a Scalable Capital sponsorship arrangement with an Israeli governmental cultural programme, Israeli military public-relations initiative, or settlement advocacy organisation.
No public evidence identified of Scalable Capital receiving an Israeli state honour specifically connected to the conflict or settlement enterprise.
Academic and governmental relationships
The company identifies Professor Stefan Mittnik among its founders and describes its origins in academic expertise concerning risk modelling and investment management. 1
No public evidence identified of a Scalable Capital corporate partnership with an Israeli military academy, Israeli defence research institution, or settlement-based university concerning the Israel-Palestine conflict.
Settlement endorsements
No public evidence identified of Scalable Capital financing settlement promotional events, endorsing settlement construction, or sponsoring Israeli settlement political campaigns.
Lobbying, Advocacy, Financing & Logistics
Corporate political lobbying
Scalable Capital’s published corporate communications describe its participation in European financial markets, financial services, and regulatory banking arrangements. 2, 3
No public evidence identified of Scalable Capital lobbying for Israeli government policy, opposing Palestinian statehood, advocating recognition of Israeli settlements, or campaigning against BDS legislation.
No public evidence identified of Scalable Capital making publicly disclosed Israel-Palestine-related corporate PAC contributions.
No public evidence identified of Scalable Capital holding an institutional leadership position in AIPAC, CFI, FIDF, or a comparable geopolitical pressure organisation.
Financial contributions
No public evidence identified of Scalable Capital making corporate donations to the Israel Defense Forces, Friends of the Israel Defense Forces, Jewish National Fund, Israeli reservist funds, settlement development organisations, Regavim, or Im Tirtzu.
No public evidence identified of Scalable Capital financing Israeli settlement construction through a disclosed corporate donation or sponsorship.
No public evidence identified of Scalable Capital operating a verified charitable-matching programme with eligible Israeli military-welfare or settlement organisations.
Commercial financing and investment products
Scalable Capital’s documented commercial relationship with BlackRock includes private-equity investment products offered to eligible customers in Germany, Austria, and Italy. 10
Scalable Capital’s product documentation states that the BlackRock Private Equity Fund primarily pursues co-investments alongside other private-equity investors. 13
The documentation describes an investment-selection process controlled through BlackRock investment structures and identifies Scalable Capital as the platform offering the product to eligible investors. 10, 13
No specific Israeli defence contractor, settlement enterprise, or military-supply company was verified as a holding of the Scalable-distributed private-equity product from the reviewed disclosures.
The December 2024 and August 2026 DWS/MSCI ETF announcements establish portfolio-construction advisory relationships and global investment exposure. 5, 6
No public evidence identified of Scalable Capital directing either ETF to finance Israeli military operations or settlement expansion.
Crisis asset mobilisation
No public evidence identified of Scalable Capital providing free financial infrastructure, payment services, logistical assistance, technology credits, physical resources, or emergency services to the Israeli military or Israeli state-aligned organisations during the Gaza conflict.
No public evidence identified of a Scalable Capital emergency corporate fundraising campaign supporting military operations in Israel.
Post-July 2024 and post-November 2024 conduct
Scalable Capital’s documented commercial activities after July and November 2024 include the December 2024 DWS/MSCI ETF launch, June 2025 financing round, September 2025 banking authorisation, and August 2026 investment-product expansion. 5, 2, 3, 6
Those dated disclosures establish continued financial-services business activity after the specified international legal milestones; they do not independently establish continued political or military-support activity connected with Israel or the occupied Palestinian territories. 5, 2, 3, 6
No public evidence identified of a dated Scalable Capital political donation, military-welfare contribution, settlement endorsement, or relevant lobbying activity continuing after 19 July 2024.
No public evidence identified of such activity continuing after November 2024.
Corporate Structure & Primary Mission
Founding and business purpose
Scalable Capital states that it was founded in 2014 by Erik Podzuweit, Florian Prucker, Adam French, and Professor Stefan Mittnik. 1
Its stated business mission concerns broadening access to investing through digital financial-services technology. 1
The company’s documented commercial activities encompass brokerage, wealth management, ETFs, private-equity access, savings products, and banking services. 3, 10, 14
No public evidence identified of a foundational corporate mandate to support Israeli government geopolitical objectives, settlement development, or Israeli military infrastructure.
Ownership and investment history
BlackRock became a significant minority investor in Scalable Capital through the financing transaction announced in June 2017. The announcement described a €30 million investment round and an accompanying supervisory-board appointment. [pre-2020] 11
BlackRock’s 2017 annual report also documents its relationship with Scalable Capital in the digital wealth-management sector. [pre-2020] 12
Scalable Capital’s June 2025 financing announcement names Sofina and Noteus Partners as leading investors, with additional participation by Balderton Capital, Tencent, and HV Capital. 2
HV Capital’s corporate portfolio profile independently identifies Scalable Capital as a portfolio company and describes its European digital investment business. 15
The reviewed primary materials establish investor participation but do not establish an exact current beneficial-ownership percentage for each investor. 2, 15
No public evidence identified of a state-held golden share held by Israel or of formal Israeli government control over Scalable Capital.
Regulated entities
Scalable Capital Bank GmbH received authorisation from the European Central Bank in September 2025 to conduct deposit-taking and lending activities. 3
Its customer guidance confirms that the institution is subject to German banking supervision by BaFin and the Deutsche Bundesbank. 8
UK Companies House identifies Scalable Capital Limited under company number 09386303, incorporated on 13 January 2015. 16
As of October 2026, Companies House records describe Scalable Capital Limited as active with an active proposal for voluntary strike-off. 16
The UK filing history records a voluntary strike-off application dated 14 September 2026 and a first Gazette notice dated 6 October 2026. 17
These registration records establish the UK entity’s administrative position and do not establish Israel-Palestine-related corporate conduct. 17, 16
Investment management and third-party responsibilities
Scalable Capital identifies DWS Investment S.A. as management company and Scalable Capital GmbH as portfolio-construction adviser for its December 2024 global ETF. 5
The August 2026 leveraged ETF disclosure identifies DWS Investment S.A. as management company and Scalable Capital Bank GmbH as portfolio-construction adviser. 6
Scalable Capital’s private-equity documentation describes BlackRock’s role in selecting and managing the underlying investments of the BlackRock Private Equity Fund distributed through the platform. 10, 13
These disclosed arrangements identify distinct corporate responsibilities within the investment products and do not establish a direct Scalable Capital political-financing programme. 5, 6, 10, 13
Executive & Leadership Footprint
Erik Podzuweit
Scalable Capital identifies Erik Podzuweit as a founder and Co-CEO. Its corporate biography describes previous investment-banking experience at Goldman Sachs and an executive role at Westwing. 1
Podzuweit commented publicly on the June 2025 financing round, presenting the investment as support for Scalable Capital’s European growth strategy. 2
No public evidence identified of Podzuweit making a verified personal donation to the IDF, FIDF, JNF/KKL, or an Israeli settlement organisation.
No public evidence identified of Podzuweit holding a leadership position in an Israel-Palestine geopolitical lobbying organisation.
No public evidence identified of a public statement by Podzuweit endorsing Israeli military operations or settlement expansion.
Florian Prucker
Scalable Capital identifies Florian Prucker as a founder and Co-CEO. 1
No public evidence identified of Prucker financing Israeli military-welfare organisations, publicly advocating settlement expansion, or holding a political pressure-group role related to Israel-Palestine.
Adam French
Scalable Capital identifies Adam French as a company co-founder. 1
Innovate Finance identifies French as a non-executive director and records his subsequent association with Houghton Street Ventures. 18
A January 2026 City A.M. profile identifies French as a partner at Antler, a former Scalable Capital co-founder, and a former Goldman Sachs trader. 19
An April 2026 professional profile independently identifies French’s venture-capital background and his relationships with Houghton Street Ventures and Innovate Finance. 20
French’s roles in venture capital and financial-industry organisations are documented professional affiliations; the reviewed sources do not identify them as Scalable Capital-directed Israel-Palestine political programmes. 18, 19, 20
No public evidence identified of French directing Scalable Capital corporate resources to Israeli military organisations or settlement advocacy.
No public evidence identified of a verified personal FIDF or settlement-related donation by French.
No public evidence identified of French publicly advocating Israeli settlement expansion on behalf of Scalable Capital.
Professor Stefan Mittnik
Scalable Capital identifies Professor Stefan Mittnik as a founder and associates the company’s development with financial risk-modelling expertise. 1
No public evidence identified of Mittnik holding an Israel-Palestine political lobbying role, sponsoring settlement organisations, or making verified military-welfare donations connected to the conflict.
Patrick Olson and BlackRock governance
Contemporaneous June 2017 reporting states that Patrick Olson, then BlackRock’s EMEA chief operating officer, was appointed to Scalable Capital’s supervisory board in connection with BlackRock’s investment. [pre-2020] 11
Independent reporting from October 2017 also identified Olson as a member of Scalable Capital’s supervisory board and described an agreement giving UK-based BlackRock employees access to Scalable Capital investment-management services. [pre-2020] 21
The cited materials establish Olson’s historical corporate appointment and a commercial relationship between the companies. They do not establish his continued board membership in October 2026. 11, 21
No public evidence identified of Olson using his Scalable Capital governance position to direct political expenditure concerning Israel or Palestine.
Other executives and directors
The company’s published materials identify its leadership primarily through financial-services, operations, investment, and technology expertise. 1
No public evidence identified of a verified Israel-Palestine-related political donation, military fundraising activity, settlement sponsorship, or defence-industry governance position attributable to Scalable Capital’s identified senior executives acting on the company’s behalf.
Executive-linked foundations and institutional advocacy
No public evidence identified of a founder-controlled or executive-controlled charitable foundation donating to Israeli settlement organisations or Israeli military-welfare funds on behalf of Scalable Capital.
No public evidence identified of Scalable Capital executives participating in a documented company-sponsored anti-BDS campaign.
No public evidence identified of a verified Scalable Capital executive endorsement of settlement expansion after 19 July 2024.
No public evidence identified of an executive-directed military donation or settlement sponsorship after November 2024.
Footnotes
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Scalable Capital, “About us,” corporate profile and founder biographies. https://front-prod-b2c-at.prod-b2c.scalable.capital/en/about-us ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13
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Scalable Capital, “Scalable Capital receives €155 million and continues to expand its digital investment platform,” 3 June 2025. https://front-prod-b2c-at.prod-b2c.scalable.capital/en/newsroom/en-funding-round-2025 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8
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Scalable Capital, “Scalable is now a bank,” 10 September 2025. https://de.scalable.capital/newsroom/scalable-is-now-a-bank ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8
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Scalable Capital, “Scalable Capital becomes first bank in Europe to open platform to AI assistants via Agentic Investing,” 25 August 2026. https://de.scalable.capital/en/newsroom/scalable-agentic-investing ↩ ↩2 ↩3 ↩4
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Scalable Capital, “Scalable Capital launches own World ETF together with DWS and MSCI to rethink global investing,” 20 December 2024. https://nl.scalable.capital/newsroom/scalable-world-etf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10
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Scalable Capital, “Scalable Capital expands ETF range with Europe’s first 2x leveraged World ETF covering developed and emerging markets,” 6 August 2026. https://de.scalable.capital/en/newsroom/scalable-leveraged-etf-launch ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8
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Scalable Capital Help Centre, “What is the timeline for the Austrian branch?” Customer guidance referring to 8 October 2026. https://help.scalable.capital/en/austrian-branch-b3c72f00/what-is-the-timeline-for-the-austrian-branch-2e2f9de4 ↩
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Scalable Capital Help Centre, “Is Scalable a bank now?” https://help.scalable.capital/en/account-management-f3197dc7/is-scalable-a-bank-now-ce9a9f0d ↩ ↩2
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Scalable Capital, “Scalable Capital expands derivatives offering and introduces best execution on public exchanges,” 8 July 2026. https://de.scalable.capital/newsroom/scalable-derivatives ↩
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Scalable Capital Help Centre, “How are the deals for the ELTIF selected?” https://help.scalable.capital/en/private-markets-a01c0879/how-are-the-deals-for-the-eltif-selected-40d5d152 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7
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Institutional Investor, Julie Segal, “BlackRock Takes Stake in European Robo-Adviser,” 20 June 2017. https://www.institutionalinvestor.com/article/2bsvx9ivfs8cjczgay3gg/corner-office/blackrock-takes-stake-in-european-robo-adviser ↩ ↩2 ↩3 ↩4 ↩5
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BlackRock, “Letter to Shareholders - 2017 Annual Report,” historical discussion of digital wealth-management partnerships. https://s24.q4cdn.com/856567660/files/oar/2017/letter-to-shareholders.html ↩ ↩2
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Scalable Capital Help Centre, “In which companies does the BlackRock Private Equity Fund invest?” https://help.scalable.capital/en/private-markets-a01c0879/in-which-companies-does-the-blackrock-private-equity-fun-a67b3aec ↩ ↩2 ↩3 ↩4 ↩5
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Scalable Capital, “Scalable Capital launches Fixed-term accounts at 3.00% and raises Overnight interest rate to 2.60%,” 1 September 2026. https://de.scalable.capital/newsroom/fixed-term-launch ↩
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HV Capital, “Scalable Capital,” corporate portfolio profile. https://hvcapital.com/portfolio/scalable-capital ↩ ↩2
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UK Companies House, “Scalable Capital Limited - Company Overview,” company number 09386303. https://find-and-update.company-information.service.gov.uk/company/09386303 ↩ ↩2 ↩3
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UK Companies House, “Scalable Capital Limited - Filing History,” company number 09386303, including September and October 2026 filings. https://find-and-update.company-information.service.gov.uk/company/09386303/filing-history ↩ ↩2
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Innovate Finance, “Adam French - Co-Founder, Scalable Capital,” professional biography. https://www.innovatefinance.com/profiles/adam-french/ ↩ ↩2
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City A.M., “Fintech founder Adam French: I wish the City would be braver,” 29 January 2026. https://www.cityam.com/fintech-founder-adam-french-i-wish-the-city-would-be-braver/ ↩ ↩2
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Finance Network, “Adam French,” participant profile, 29 April 2026. https://finance-network.co/participants/adam-french ↩ ↩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