Scalable Capital sees large data breach

The digital wealth manager is one of the largest in Europe and recently closed a $50m Series D funr

Digital wealth manger Scalable notified customers of a large data breach on Monday evening. 

Scalable said in a message to customers, seen by AltFi, that personal data was breached by unlawful access

"Scalable Capital has taken all necessary security measures and informed the relevant supervisory authorities. Your assets held in safe custody with the custodian bank were not at risk at any stage. The confidentiality of your password for the customer area is also still secure," it said in the letter.

While the situation is developing, Scalable said that a subset of documents stored in its digital document archive was breached including personal and contact details, data relating to the investment account (such as bank account, portfolio reports, security transaction statements, invoices) and tax data (such as national insurance number).

“We would like to emphasise that your assets held in custody with the custodian bank were at no time at risk as a result of the incident,” the letter also said. 

A spokesperson for Scalable told AltFi: “We are keeping our clients updated and they remain our top priority.”

Yesterday the firm also offered customers 12 months of free credit and web monitoring services, provided by Experian to bolster protection of misuse of your personal data.

The firm recently closed a $50m Series D fundraise.