BlackRock (BLK) - Get Report  has taken an undisclosed stake in Scalable Capital Tuesday, leading a $33.6 million round of funding for the European robo-advice digital investment manager, Reuters reported.

Scalable Capital uses ETFs to build low-cost portfolios for clients. Its robo-advice unit, which functions through online distribution, will expand with this round of investment. Pending regulatory approval, the deal will close in 3Q.

European investors have increasingly wanted to access their holdings using high-tech investment solutions, BlackRock COO for Europe, the Middle East and Africa Patrick Olson said. Tighter regulation, pressure on fees and changing investment trends for a younger, more tech-savvy generation have prodded wealth managers to expand their distribution models.

BlackRock, which is the world's largest asset manager, purchased U.S. fintech robo-advice company FutureAdvisor in 2015. FutureAdvisor's assets are up 317% since the BlackRock purchase.

What's Hot On TheStreet

Amazon has some work to do with Whole Foods: Organic grocer Whole Foods (WFM) needs Amazon's (AMZN) - Get Report tech know-how, and it needs it very quickly to slash prices.

TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Report and rival grocer Kroger (KR) - Get Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.

The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.

With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.

Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.

Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Report market clocks in at $44.7 billion, while General Motors (GM) - Get Report stands at $51.9 billion.

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