The funding round is led by Toscafund, joined by existing investors Ampega Asset Management, finleap and Goldman Sachs
Berlin-based WealthTech firm Elinvar has secured €25m in a funding round, led by Toscafund Asset Management, to scale its multi-tenant wealth management platform.
Elinvar’s existing investors Ampega Asset Management, finleap and Goldman Sachs also participated in the funding round.
Toscafund partner George Koulouris said: “The wealth management industry is increasingly facing technological disruption. We have closely monitored these developments and are convinced that the right technological setup is decisive.
“Elinvar is ideally positioned to execute on this front while allowing partners to digitize in a cost-effective manner and its PaaS is perfectly designed to become the dominant technological infrastructure for wealth management.”
Established in 2016, Elinvar is focused on B2B2C operations, helping asset & wealth managers to digitalize their business models.
The company’s platform offers multi-tenant services for client relationship management, online onboarding, onsite advisory support, portfolio management, reporting, invoicing, online client access and communication.
Also, the platform enables users to execute new business models, access new value chains, optimise costs and utilise its core competencies.
The company said that various large-scale private banks, discretionary portfolio managers in Germany, including Fondsdepot Bank are using its platform, together with multiple players.
Elinvar said that it aims to provide more self-customisation options and connect the entire ecosystem on its platform, to support increasingly complex business models.
Elinvar CEO and co-founder Chris Bartz said: “Wealth management is going through a massive change. In order to offer the best solutions to their clients, wealth managers need to focus on their core competencies and collaborate with other partners, complementary to their expertise.
“Our goal is to connect the entire ecosystem and to enable our partners to execute their target operating model in the best way possible. We are proud that Toscafund and our existing shareholders share our vision and support us in delivering on it.”
In May 2019, Elinvar has closed a funding round led by Goldman Sachs, with participation from the existing shareholders Ampega Asset Management (Talanx Group) and finleap.