Munich-based wealthpilot, a digital solution for financial advisors, has raised €2.6 million from new and existing investors, including Bayern Kapital, the venture capital organization of Bavaria.
The fintech startup’s hybrid approach to wealth management combines personalized advice with software-as-a-service (SaaS), allowing customers to bring their personal advisory services into the 21st century. Such customers include financial advisors, asset managers, family offices, banks, and broker pools.
wealthpilot does not intend its product strictly for professionals, though. Stephan Schug, one of the founders, explains that the company wants to democratise wealth management: “No matter their financial situation, we want our clients to be able to use the financial advisory and planning tools, which are usually only available to very wealthy persons. Thus, we aim to make a professional family office and financial planning approach accessible to a much broader audience.”
Currently users rely on the platform to analyse more than €12 billion of financial assets, a total that has tripled in size since August 2018. The company’s growth convinced Bayern Kapital to invest a second time.
Dr. Georg Ried, managing director at Bayern Kapital said, “Since our initial investment last year, wealthpilot has achieved substantial growth. The growth momentum is impressive. High-quality financial advisory services based on a sophisticated yet easy-to-use SaaS platform are in demand among financial advisors and asset managers. wealthpilot’s solution allows them to save time, which they can instead use to personally advise their clients. We are happy to join this current financing round to support wealthpilot’s continued growth.”
The fresh funding will help further develop the software’s main functions: automated aggregation and analysis of financial data as well as smart scenario analyses for financial advisors and private customers. It will also enable the development of mobile apps for iOS and Android, the growth of the sales and marketing teams, and internationalization efforts.