Berlin-based WeathTech outfit Elinvar has secured €25 million in a funding round led by ToscaFund Asset Management.
Existing shareholders Ampega Asset Management, finleap and Goldman Sachs - which already holds a 13.9% stake in the company - also participated in the round.
Spawned from the finleap fintech factory in Berlin in 2016, Elinvar operates a multi-tenanted, platform-as-a-service model that connects banks, discretionary portfolio managers, third party providers. The platform offers a suite of service packages for core processes like client relationship management, online onboarding, onsite advisory support, portfolio management, reporting, invoicing, online client access and communication as well as third party connections, for example to custodian banks, market data or KYC providers.
Several major German private banks, discretionary portfolio managers and Germany’s largest liability umbrella, Fondsdepot Bank, are already using the platform, typically in partnership with multiple players.
Chris Bartz, CEO & co-founder of Elinvar, says: “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"