Elinvar, a Germany-based wealth technology startup, has raised an undisclosed sum of money in its latest funding round that was led by Goldman Sachs.

The funding round, which was led by the Goldman Sachs Principal Strategic Investments group, brings the total amount of capital raised by the startup to more than €20m.

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Elinvar’s existing investors, Ampega Asset Management and finleap, also joined the latest funding round.

Established in 2016 by Deutsche Bank veterans, Elinvar is the digital platform for asset and wealth managers. It focuses on “B2B2C”, enabling its partners to digitalise their business models.

It currently employs 80 people and counts several major German private banks and discretionary portfolio managers among its customers.

Elinvar said that it intends to use the proceeds to further grow its team and move into new markets worldwide.

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Elinvar CEO & co-founder Chris Bartz said: “The new shareholder structure will allow us to internationalize our business and expand into other European countries. The Goldman Sachs Principal Strategic Investments group is a leading venture investor and proven expert when it comes to the future of fintech.

“We’re excited to welcome them as our shareholder. Together with the ongoing support of our existing shareholders, we have the perfect setup to make use of the possibilities ahead of us.”

Goldman Sachs’ Principal Strategic Investments group executive director James Hayward said: “Elinvar has developed innovative technology that can help accelerate the digitisation of the asset management industry.

“We are impressed with the vision and determination of the management team and look forward to supporting them as they execute an ambitious growth plan.”

Goldman Sachs has made a series of investments into fintech platforms recently. In January, it led a £45m funding round into Nutmeg, the UK’s largest digital wealth manager.