Scalable Capital vs Starling

Investor Presentation Released: Scalable Capital Bank GmbH

AI parsed presentation narrative: Scalable Capital is a leading European digital bank empowering retail investors across Europe through accessible online brokerage, automated wealth management, and high-yield overnight savings accounts. Additionally, it monetizes its technology platform through B2B white-label partnerships with major financial institutions like ING Deutschland and Raiffeisen Banking Group. Strategic pillars: Digital Retail Brokerage Expansion, Automated Digital Wealth Management.

Trade Republic launches free ETF pension deposit

Trade Republic, a Berlin-based neobroker, has announced a 'completely free' state-subsidized retirement deposit (Altersvorsorgedepot) ahead of its official launch. The offer includes no account management fees, no order fees, and permanently waived product costs for over 50 selected ETFs from Blackrock, DWS, and Vanguard. CEO Christian Hecker framed this as the start of a 'new stock culture in Europe' and aims to attract new customers through the company's largest marketing campaign to date. This aggressive pricing undercuts rivals like Scalable Capital and Smartbroker, intensifying competition for the lucrative retirement market that begins in January 2026, with government subsidies of up to 540 euros per adult and 300 euros per child annually. The deposit replaces the Riester pension.

• Trade Republic launches a completely free state-subsidized retirement deposit (Altersvorsorgedepot).
• The offer includes free account management, free orders, and permanently waived product costs for over 50 ETFs from Blackrock, DWS, and Vanguard.
• CEO Christian Hecker announces the start of a 'new stock culture in Europe' and expects significant customer growth.

Deutsche Bank Enters Price War for State-Subsidized Retirement Portfolio

Deutsche Bank is entering the competitive market for the new state-subsidized retirement investment account (Altersvorsorgedepot), which will launch in 2027. The bank emphasizes transparent pricing, avoiding 'loss-leader' offers. The product allows savers to invest in ETFs, stock funds, and bonds, with tax advantages and annual subsidies up to 540 euros (plus 300 euros per child). Deutsche Bank's standard digital-only depot, developed by DWS, will cost 0.1% annually for the first two years, then 0.28%. A more expensive advisory version costs 0.99% yearly. Competitors like Scalable Capital and Dekabank have already announced low-fee or fee-free structures. The article discusses the competitive landscape, concerns about future price increases, and the potential to boost Germany's equity culture.

• Deutsche Bank enters the Altersvorsorgedepot market with a standard digital depot costing 0.1% annually for the first two years, then 0.28%, and an advisory version at 0.99% per year.
• Scalable Capital launched the price war in August, offering no fees for depot management, savings plans, or trades on its standard depot, with running costs capped at 0.15% annually.
• Dekabank offers a standard depot with 0.1% yearly fees.

Starling Bank's Sovereign AI Still Relies on Google and NVIDIA

Starling Bank, a British challenger bank, has announced plans to train a banking AI model on UK sovereign cloud infrastructure. However, the claim of being the 'first' is qualified by the fact that the model has not yet been trained on real customer data and that other lenders already run similar models. Moreover, the so-called sovereign setup still routes customer data through Google Cloud before reaching UK-owned provider Civo, raising questions about true sovereignty. The model is intended to power fraud detection from early 2027 and later an AI assistant. The article also highlights the bank's dependence on NVIDIA for computing and Google for AI models, underscoring the challenges of achieving full digital sovereignty.

• Starling Bank claims to be building the first banking AI model on UK sovereign cloud.
• The model has not yet been trained on real customer data.
• The model is scheduled to power Starling's fraud detection from early 2027.

Starling Launches CTV Supply-Side Platform from Stealth

Starling, a new connected TV (CTV) supply-side platform (SSP), has officially launched, emerging from stealth with backing from MBL Partners and strategic investors. Founded by Michael Bassik, who also serves as Executive Chair and Acting CEO, the company addresses fragmentation and lack of show-level data in CTV advertising. Starling works with publishers including AMC, TelevisaUnivision, Paramount, Telly, and Xumo to offer program-level intelligence and custom audience segments via private marketplace deals. Its approach uses privacy-compliant methods like data clean rooms and audience modeling to avoid VPPA violations, though it declined to name data partners. The leadership team includes Sean Miller (COO/CFO), Reshmi Nair (CTO, ex-Magnite), and Wil Danielson (CRO, ex-Nexstar). With about 20 employees, Starling supports emerging formats like pause ads and home-screen placements, aiming to provide transparent, scalable advertising solutions.

• Starling is a CTV-focused SSP, launched with about 20 employees and backing from MBL Partners and strategic investors.
• Founded by Michael Bassik (Executive Chair/Acting CEO), with team including Reshmi Nair (CTO, ex-Magnite) and Wil Danielson (CRO, ex-Nexstar).
• Partners with publishers like AMC, TelevisaUnivision, Paramount, Telly, and Xumo for premium inventory.

Agencies and brands disagree on service delivery, study finds

New research by The Drum and iResearch Services, presented at The Drum Live, reveals a significant gap between how agencies and brands perceive agency performance. While 77% of agency leaders believe they deliver what brands want, only 23% of brand marketers agree, and 47% actively disagree. The study, based on a global poll of 600 senior marketers (averaging $346M in revenue), also found that over three-quarters of brand marketers expect to bring brand strategy in-house by 2030, whereas less than half of agency leaders agree. Additionally, AI is a growing focus: 59% of brand-side marketers rank deep AI expertise as the most in-demand agency skill, and 71% expect AI to significantly shape workflows by 2030, with 45% predicting a human-AI hybrid model. Despite AI-driven efficiency expectations, 80% of marketers still foresee rising marketing costs by 2030. The Drum Live panel, featuring industry leaders like Michele Rousseau and Ajaz Ahmed, emphasized the need for agencies to challenge briefs and deliver cultural insight.

• 77% of agency leaders believe they deliver what brands want, but only 23% of brand marketers agree (47% actively disagree).
• The Drum and iResearch Services' 'Mind The Gap' report surveyed 600 senior marketers globally (director level+), with an average company revenue of $346M. The report was released on September 25, 2026.
• 80% of brand marketers expect brand strategy to be handled in-house by 2030, compared to 49% of agency leaders.