Elinvar secures backing from Goldman Sachs
FinLeap investee Elinvar announced today that it has secured Goldman Sachs as the lead investor for its latest funding. This is yet another example of the quality of FinLeap’s portfolio companies and ecosystem.
Elinvar is a digital platform for asset and wealth managers. Its platform covers the complete value chain – from the client’s website to the consultation and the investor portal. It provides an ideal user experience for clients, managing all digital interfaces and relevant investment processes.
Goldman Sachs Principal Strategic Investments Group was the lead investor. Existing shareholders, Ampega Asset Management (Talanx Group) and, Shackleton investee, FinLeap also participated in the financing round. The round sees Elinvar’s total financing rise to over €20 million.
Founded in summer 2016, Elinvar is the digital platform for banks and asset managers. Elinvar focuses exclusively on B2B2C business, enabling its partners to digitize their business models. Elinvar combines technology expertise with the optimal regulatory setup and has all the necessary BaFin licenses. Its customers include German banks M.M.Warburg & Co., Donner & Reuschel AG, and Fuerstlich Castell’sche Bank, all of which were established more than 200 years ago. In less than 3 years, Elinvar has grown to 80 employees.
Elinvar will use the investment efficiently and sustainably to expand its team while continuing to focus on its core competency: providing the optimal digital platform for banks and asset managers. The new shareholder structure will also help Elinvar with its internationalization by expanding its offer to other European countries.
James Hayward, Executive Director of Goldman Sachs’ Principal Strategic Investments Group: “Elinvar has developed an innovative technology that can help accelerate the digitization of the asset management industry. We are impressed with the vision and determination of the management and look forward to supporting the team in implementing an ambitious growth plan.”
Ramin Niroumand, Founder & CEO, finleap: “Elinvar is one of the most successful and promising companies in our portfolio. We are happy to support Elinvar in its mission to replace obsolete IT with state-of-the-art technology, and to make private banks and asset managers ready for the future while delivering outstanding value to their clients.”
Harry Ploemacher, CEO, Ampega Asset Management: “Elinvar has grown a lot over the last two and a half years and has proven its business model. We believe that this is the optimal setup to support Elinvar’s continued growth and expansion in the European market and we are pleased to be part of it. ”
Chris Bartz, CEO & Co-Founder, Elinvar: “The new shareholder structure strengthens us for our internationalization and the extension of our offer to other European countries. The Goldman Sachs Principal Strategic Investments Group is a leading venture investor and expert on the future of fintech. We are pleased to welcome her as our new partner. Together with the continuous support of our existing shareholders, we have the perfect starting position to exploit the opportunities that lie ahead.”
Finalisation of the round is subject to the approval of BaFin, the Federal Financial Supervisory Authority.