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Scalable Capital, a Munich-based fintech firm, has raised €155 million (US$169 million) in its largest funding round to date, bringing total investments to over €470 million. Founded in 2014, the company has evolved from a robo-advisor to a full-stack investment platform, serving over one million customers managing more than €30 billion in assets. The new funding will support its platform development and expansion across Europe, capitalizing on the growing retail investing market.
Dutch car-sharing company MyWheels is set to integrate 500 Renault electric vehicles (EVs) into its fleet, marking Europe's largest vehicle-to-grid (V2G) rollout. This initiative aims to enhance grid stability by allowing EVs to store and return electricity during peak demand, utilizing bidirectional chargers from We Drive Solar. The project, based in Utrecht, is expected to be fully deployed by 2026.
Tesla's UK new car sales plummeted over 45% in May, selling 1,758 units compared to 3,244 in the same month last year, while overall new car registrations rose by 4.3%. Despite this decline, Tesla remains the best-selling battery electric vehicle brand in Britain for the year to date. In contrast, BYD's sales doubled to 1,388 units, marking a significant shift in the European EV market, where Tesla has fallen to 11th place in rankings. The broader UK battery electric vehicle market grew by 28%, driven by increased supply and consumer confidence.
Amazon Web Services (AWS) is set to launch a sovereign cloud in the EU by the end of 2025, managed by a German corporate entity. This initiative, involving a €7.8 billion investment by 2040, ensures compliance with European data protection laws and features EU-based operations, including data centers and support. The move aligns with similar efforts by Microsoft and Google to address the growing demand for data sovereignty in Europe.
China's EV market faces significant challenges as BYD's shares plummet by 17%, erasing HK$122.3 billion in market value amid price cuts on 22 models. Despite a slight increase in vehicle deliveries, domestic sales have declined, raising concerns over financial stability in a fiercely competitive landscape. The ongoing price war, supported by government strategies, is creating international trade tensions, with Western nations considering tariffs in response to China's aggressive pricing.
TSMC has delayed the construction of its second wafer fabrication plant in Kumamoto, Japan, due to local traffic congestion complaints linked to its first facility. The company is in discussions with the Japanese government to address these issues before proceeding, with no revised timeline provided. This delay reflects broader challenges in semiconductor manufacturing, including labor shortages and regulatory hurdles affecting global expansion efforts.
Russian billionaire Alexey Mordashov has stated that creating a domestic alternative to SAP software is both costly and time-consuming, yet crucial for survival. SAP, which has become Europe's largest company by market capitalization, has been integral to major Russian firms like Aeroflot and Russian Railways.
Google Wallet will discontinue support for linked PayPal accounts in the US starting June 13, 2025, removing all such accounts from the app. Users must switch to credit or debit cards for payments, as new PayPal accounts cannot be linked from April 11, 2025, and transaction histories will only be accessible on PayPal's platform. This change reflects a broader trend in the digital payments landscape, where wallet providers are increasingly competing rather than collaborating, leading to a fragmented ecosystem.
[Bloomberg]
Google has agreed to invest $500 million over the next decade to enhance its compliance operations as part of a settlement in a shareholder lawsuit alleging antitrust violations. This agreement includes the establishment of a dedicated board committee for risk and compliance, reflecting a shift towards structural reforms in tech regulation. Shareholders are increasingly demanding accountability from executives, emphasizing long-term governance improvements over immediate financial gains.
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scalable capital secures 169 million funding to expand investment platform in europe
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