Spanish Openbank launches its whitelabel robo-advisor

Banco Santander’s Spanish digital banking subsidiary, Openbank, launched its new automated investment solution in late September 2018. The new bundled service combines micro-investing, goal-based investing and robo-advisor as one comprehensive solution. Currently, Openbank offers five different risk categories for investors to choose from, strategies are mostly based on index funds rather than ETFs due to tax considerations, and the minimum threshold is €500.

Labeled under We invest for you brand, the open architecture setup offers more than 2 000 mutual/index funds and ETFs for investments and retirement. The robo-advisory services of Openbank are part of Openbank’s automated discretionary management solutions.

According to Citywire, digital wealth management technology company Scalable Capital provides the technological backbone and BlackRock delivers the strategic asset allocation for Openbank’s new investment solutions. 1)Blackrock has had a minority stake in Scalable Capital since mid-2017.

Credit: Thank you MSS for bringing Openbank’s new solution to my attention.

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