Scalable Capital, the online investment management firm launched in 2016 in the UK and Germany, has hit €1 billion (£873 million) in assets under management.
It has said that this makes its the market leader in Germany.
Scalable’s UK CEO and co-founder Simon Miller, said, ‘We’ve grown our assets under management faster than the robo-advice pioneers from the US who started a few years before us and which now manage more than ten billion US dollars.
‘Our rapid growth shows, above all, that there is a real demand for digital wealth management.’
The company doubled its AUM in the last six months, and now has 30,000 customers with an average investment of around £28,000 each.
Adam French, director and co-founder of the company, believes the potential for cutting costs and taking advantage of leading technology are driving a rapid rise in demand for digital investment services.
He said, ‘The market for digital wealth management is currently growing faster than the ETF market did in its early days.
‘We are therefore convinced that the majority of investors will use digital investment solutions in a few years' time.’
The average customer of the firm is 50 years old, an increase from 42 one year ago, while 37% of its clients are women.
According to the firm, investments over £100,000 make up 40% of the assets it manages.
Since 2017 Scalable has cooperated with German bank ING-DiBA, with 20,000 of the bank's customers now investing invested over £440 million in the company.
It also has partnerships with Siemens Private Finance and BlackRock, offering its services to their employees.
The FCA-regulated robo adviser has 80 employees and operates in the UK, Germany Switzerland and Austria.
It launched in Germany in February 2016 and the UK in July 2016, with former Wealth Manager cover stars Adam French, Simon Miller and Dr Ella Rabener making up the UK founders team.