RIDE Capital has raised €3 million tobe come a digital privat3e bank.
The funding was led by Lea-Sophie Cramer, Verena Pausder, and angel investor and professional football player Mario Götze. RIDE reports that it has raised a total of €8 million since its foundation.
RIDE Capital founders Christine Kiefer and Felix Schulte say they are developing special services for a target group below the level of classic private banking. The company currently reports around €250 million in assets under administration since the platform’s launch in September 2020.
Pausder commented on her investment, explaining that wealth management is not just for the super-rich:
“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.”
RIDE services currently include wealth structuring, a tax advisor platform provision, and automated securities booking. The first features include a free RIDE business account (in cooperation with the banking-as-a-service platform Swan) and investment opportunities in alternative assets.
More services are planned going forward.
Kiefer said they noticed a service gap in Germany for individuals whose needs are not met by retail banks, but investment volumes are below classic private banking:
“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.”