Wealthtech Elinvar raises €25 million funding
Toscafund, Goldman Sachs, finleap and Ampega invest EUR 25m in wealthtech Elinvar
Berlin-based wealthtech Elinvar has raised €25 million funding to scale its offering in a round led by Toscafund Asset Management.
The round also included existing shareholders Ampega Asset Management, finleap and Goldman Sachs.
Elinvar was founded in 2016 in Berlin, with “the vision to connect the entire wealth management ecosystem”. It exclusively focuses on business-to-business-to-consumer (B2B2C) and provides a multi-tenant solution on a Platform-as-a-Service (PaaS) basis. It employs 100+ people.
“While Elinvar delivers the technological infrastructure, banks, discretionary portfolio managers, third party providers and all other users of the Elinvar platform can efficiently execute new business models, access new value chains, optimise their costs and utilise their core competencies,” the vendor states.
It claims a number of major German private banks, discretionary portfolio managers and Germany’s largest liability umbrella, Fondsdepot Bank, among its users. This is done “typically in partnership with multiple players”, according to Elinvar. A domestic private bank, Donner & Reuschel, for example, migrated its own book of business to the platform and partnered with independent discretionary portfolio managers on the platform, growing its business to serving one in six portfolio managers across Germany.
Elinvar is the second investment in the German wealth management space for Toscafund, according to Fabrizio Cesario, partner at Toscafund. The deal is subject to approval of the BaFin, the federal office for financial supervision.
Based in London, Toscafund is a multi-asset alternative investment management firm. It has over $4 billion in assets under management (AUM) and investments in UK-based challenger banks Aldermore Bank, Atom, and OakNorth, and paytech Lemonway, among others.
