Berlin-based WealthTech company Elinvar has raised a total of EUR 25 million in its Series C financing round from lead investor Toscafund Asset Management (subject to approval by BaFin) and its existing shareholders Goldman Sachs, finleap and Ampega Asset Management. The new funding shall be used for the scaling of Elinvar’s core products. A venture capital team of Taylor Wessing led by Frankfurt Partner Hassan Sohbi and Salary Partner David Becker, who already advised Elinvar on its series B financing round in 2019, has advised Elinvar.
Elinvar operates a platform-as-a-service model (PaaS) that connects banks, discretionary portfolio managers and third party providers enabling asset and wealth managers to digitalize their business models. The multi-tenant platform offers service packages for core processes like client relationship management, online onboarding, onsite advisory support, portfolio management, reporting, invoicing, online client access and communication as well as third party connections, e.g. to custodian banks, market data or KYC providers. The company was founded in 2016 and employs more than 100 people by today in its offices in Berlin and Magdeburg.
Toscafund is a London based multi-asset alternative investment management firm with more than USD 4 billion in assets under management. Founded in 2000, Toscafund has firmly established itself as one of Europe’s leading investors in the financial services sector across both public and private markets. Alongside Tosca, the global financials equity fund, the firm's other funds include long-only activist equity, UK small-cap equity, private credit, and commercial property. Notable private investments in financial services companies include Aldermore Bank, Hoist, Atom Bank, OakNorth, Esure, Plurimi Wealth, LIQID, Caravela Companhia de Seguros and Lemonway.
Legal advisors Elinvar:
Taylor Wessing: Hassan Sohbi (Partner, M&A/Venture Capital), David Becker (Salary Partner, M&A/Venture Capital), Max Reinhardt (Associate, M&A/Venture Capital) and Max Willen (Professional Support Lawyer, M&A/Venture Capital), all Frankfurt