The Munich-based startup Wealthpilot announces a successful financing round. The fintech startup raised a total of €2.6 million. €1.1 million of this came from a new investor and €1.5 million from existing investors such as Bayern Kapital. Wealthpilot plans to use the funds from the new round to expand sales and marketing, as well as drive internationalization and product development.
The digital infrastructure of Wealthpilot enables wealth advisors, asset managers, family offices, banks, and broker pools to continue to provide personal service to their clients in the future. This hybrid approach combines the benefits of personal advice with Wealthpilot's efficient software-as-a-service (SaaS) platform. The Munich-based startup is doing quite well with this approach: According to the company, advisors are currently analyzing over €12 billion in assets with the Wealthpilot software, up from around €4 billion in August 2018.
Over twelve billion euros in assets
With Wealthpilot's SaaS platform, financial services firms and advisors can manage all assets and asset classes of new and existing clients and achieve time savings through process automation.
"Since the beginning of 2019 alone, we have acquired ten major banks and insurance companies as customers. This has made our market entry into the enterprise segment very successful. Advisors and private clients now analyze over twelve billion euros in assets with our software,"
says Stephan Schug, one of the founders and managing directors of Wealthpilot.
"Wealthpilot has performed very well since we joined last year. The company's growth rates are impressive,"
says Bayern Kapital Managing Director George Ried further.
"High-quality customer service based on a sophisticated yet user-friendly SaaS platform is in demand among wealth advisors and managers. Using wealthpilot saves them time, which can be used for personal consultations. We were pleased to participate in the follow-on financing round to lay the foundation for the company's continued growth."
“We are excellently positioned for the next steps in our company’s growth.”
The fresh capital from the current financing round will primarily be used to further develop automated data aggregation and analysis of assets, as well as intelligent scenario analyses for wealth advisors and private clients. The funds will also be used to expand mobile iOS and Android applications.
"We have developed into a leading provider of cloud-based software for hybrid wealth management. The fact that we have been able to acquire a large number of new customers in the enterprise and SME sectors in recent months is evidence of the strong demand for innovative financial technology that improves and simplifies advisory services in wealth management. Furthermore, the strong commitment of a new investor and the renewed participation of existing investors demonstrates that we can both gain and retain trust over the long term. We are excellently positioned for our company's next growth steps."
explains Managing Director Schug.
