Performativ, a startup specialising in wealth management technologies, has secured a substantial €5.5 million in seed funding.
According to Tech EU, this financial boost is set to accelerate the company’s growth, broadening its offerings and expanding its client base significantly.
The €5.5 million Seed funding round was spearheaded by FinTech Collective, with previous backing of $700,000 from a Pre Seed round led by Denmark’s VF Venture, part of the Danish Growth Fund (Vækstfonden).
Performativ is at the forefront of addressing the ‘woes of legacy’ within the financial industry. A recent Microsoft survey highlights that a fifth of CEE financial institutions have yet to tackle the challenges posed by outdated systems. With an industry-wide spend of over $200 billion on technology, where a staggering 85 percent is dedicated to maintenance and compliance, the need for modernisation is clear.
The company provides a lifeline to financial institutions plagued by dated systems, offering a comprehensive suite of front, middle, and back office tools. These solutions promise a scalable infrastructure to keep pace with the evolving financial landscape.
The founders of Performativ, CEO Albert Geisler Fox and CTO Peter Barry, leverage their combined experiences at Goldman Sachs and BlackRock to deliver a proposition that not only streamlines onboarding by 200 percent compared to industry standards but also promises to slash operational costs by up to 70 percent.
Fox states, “We’re not just navigating the wealth management landscape; we’re charting a new course. Our commitment is to understand the industry’s pain points and bridge the gap. This funding is a testament to our unwavering dedication to empowering financial institutions and wealth managers with the tools they need to thrive in a rapidly evolving landscape.”
The company’s previous financial achievements include raising $700,000 in a Pre Seed round, laying a solid foundation for its current success.
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