Elinvar lands €25m funding in round led by Toscafund

Elinvar, a Berlin-based fintech helping wealth managers and private banks digitise, has raised €25m.

Elinvar’s platform outsources 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, e.g. to custodian banks, market data or KYC providers. This includes all necessary BaFin licenses to operate in the German market. 

Elinvar, founded in Berlin in 2016, bills itself as a platform-as-a-service (PaaS), and is now providing digital infrastructure to banks, discretionary portfolio managers and other third-party providers. Elinvar has recently grown to more than 100 employees and opened a second office in Magdeburg. 

Several major German private banks and discretionary portfolio managers including Fondsdepot Bank and Donner & Reuschel are customers. 

The lead investor for the round is Toscafund Asset Management, although the deal is still subject to the approval of the German financial regulator BaFin.

Existing shareholders Ampega Asset Management, finleap and Goldman Sachs also participated in the round. 

The new cash will help Elinvar move out of a product building phase and start “heavily investing into its expansion”.

Chris Bartz, CEO & Co-Founder of Elinvar 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," he said. 

“Our goal is to connect the entire ecosystem and to enable our partners to execute their target operating model in the best way possible," he added.

George Koulouris, Partner at Toscafund 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."