Berlin-based Elinvar has netted €25m in a new funding round, which will help the WealthTech scale its multi-tenant platform.
Toscafund Asset Mnagement served as the lead investor, while existing shareholders Ampega Asset Management, finleap and Goldman Sachs also contributed funds.
Founded in 2016, the company focuses on B2B2C and enables its partners to digitise their business models. The platform-as-a-service provides a multi-tenant solution, with the aim to connect the whole wealth management ecosystem, to banks, discretionary portfolio managers, third-party providers and others.
Elinvar has grown its team to more than 100 employees.
Its platform covers the entire wealth management value chain and can adapt to various business models. The platform covers acquisition, portfolio management, reporting, advisory, analytics, CRM, invoicing and more.
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.”
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.”
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