WealthTech PaaS Elinvar has successfully signed off a €25m funding round to scale its multi-tenant platform, connecting the wealth management ecosystem.
The lead investor for the round is Toscafund Asset Management (subject to approval of the BaFin, the federal office for financial supervision). Existing shareholders Ampega Asset Management, finleap and Goldman Sachs also participated in the round.
Elinvar, founded in 2016, exclusively focuses on B2B2C, enabling its partners to digitalise their business models. The Platform as a Service (PaaS) offers a multi-tenant solution with the vision to connect the entire wealth management ecosystem.
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, optimize their costs and utilize their core competencies.
Chris Bartz, CEO & Co-Founder of Elinvar: “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. We are proud that Toscafund and our existing shareholders share our vision and support us in delivering on it.”
George Koulouris, Partner at Toscafund: “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.”