Germany-headquartered asset management digitalisation platform Elinvar is set to raise €25m ($30.4m) from investors including business insurance provider Talanx, subject to regulatory approval.
Investment firm Toscafund is leading the round, which includes investment banking firm Goldman Sachs, financial technology company builder FinLeap and Talanx’s asset management unit, Ampega Asset Management.
Founded in 2016 as a joint venture between Ampega and FinLeap, Elinvar has built a business-to-business-to-consumer software platform that enables asset and wealth managers, banks and discretionary investment management firms to digitalise their business operations.
Ampega, FinLeap and Goldman Sachs’ Principal Strategic Investments subsidiary had participated in a mid-2019 round of undisclosed size that pushed Elinvar’s overall funding to $22.4m, company co-founder and chief executive Chris Bartz had told Bloomberg.
Bartz said this week: “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.”
