Berlin-based asset and wealth management platform Elinvar has raised €25 million to fuel further expansion. This is the second funding announcement this week in the German wealth management space, after wealthpilot’s €8 million round yesterday.
Toscafund Asset Management led the round, which is subject to approval of the BaFin, the federal office for financial supervision). Existing shareholders Ampega Asset Management, finleap and Goldman Sachs joined, too.
Elinvar is stepping in as the wealth management sector is forced through digital transformation. Its platform connects all points of the wealth management ecosystem: banks, portfolio managers, other third party providers (such as market data or KYC service), and the clients investing. The platform digitises much of the operations: client onboarding and relationship management, onsite advisory support, reporting, invoicing, etc.
Founded in 2016, the German company has grown to more than 100 employees and opened a second office in Magdeburg. The plan now is to expand the business while developing the product to support increasingly complex business models and more self-customisation options.
Photo: Elinvar team in 2020