Danish wealthtech startup Performative has snagged €5.5 million in a seed round led by FinTech Collective.
Performativ's core technology suite streamlines operations across the front, middle, and back offices of wealth managers and provides native mobile applications for end customers.
The firm says the platform is capable of achieving onboarding speeds 200 percent faster than industry standards and can reduce operational costs by 70 percent.
Performativ was founded in 2020 by CEO Albert Geisler Fox and CTO Peter Barry, alumni of Goldman Sachs and BlackRock respectively, who witnessed first hand the challenges of replacing legacy systems at a prominent Scandinavian wealth management firm.
Says Fox: "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."
The platform currently handles over €20 billion in assets spanning five countries, including accounts custodied across various tax regimes, with a diverse portfolio of listed equities, private equity, real estate, and infrastructure assets.
The firm received initial backing in 2022 from Scandinavian fintech investor UpFin, Singapore deep tech fund iGlobe Partners, and the Danish Sovereign Wealth fund, EIFO.
The new funds will be used to finance a push into new markets.