German fintech wealthpilot, which provides consumer financial data aggregation software for the wealth management industry, has secured €8m investment in a new funding round.
The company received €3.4m from investor Seventure in the round, which also involved the participation of previous investors Bayern Kapital, and MIG Fonds in addition to a group of business angels.
wealthpilot intends to use the proceeds from the financing to strengthen its team and expand its product offering nationally and internationally.
It also eyes new business among insurers while retaining the strong growth dynamic in its established market segments.
Additionally, the company will invest in the further development of its data aggregation with the aim of offering expanded data interfaces for investments in liquid assets, additional assets including real estate in the transparent overview.
Wealthpilot’s digital platform allows hybrid wealth management based on a digital aggregation of customers’ financial information.
It automatically aggregates, analyses and plots out all financial information when requested by customers and displays it in a digital overview.
wealthpilot co-CEO Stephan Schug said: “In this way, wealthpilot creates a basis for everyone to have a clear picture of what their financial situation looks like and how, based on this, they can achieve all of their financial goals.”
Since the middle of 2018, the sum of assets entered onto Wealthpilot’s platform is said to have multiplied tenfold to a sum of €42bn.
Its customers include German financial institutions such as Volksbank Mittelhessen, Berliner Volksbank, several savings banks of the Sparkassen-Finanzgruppe, and Helvetia life insurance, among others.
Commenting on the fundraise, Seventure Partners Digital Technologies team venture partner Andreas Schenk said: “We are very proud to support wealthpilot in its expansion strategy.
“Beyond meeting the needs of a growing part of the population to manage its financial assets, wealthpilot will be enabled with this new funding to deliver a more global wealth management solution including all types of assets.
“We have the strong conviction that wealthpilot will be one of the forefront pan-European FinTechs,” he added.
Earlier this week, Indian B2B2C investment technology platform WealthDesk raised an undisclosed amount in a pre-Series A funding to bolster its growth.