wealthpilot taps the full potential of wealth management for end custom- ers, wealth managers and banks – with this goal in mind, wealthpilot has created the financial home of the future for customers of wealth managers, banks and insurance companies. In order to further develop the software-as-a-service platform (SaaS), the Munich-based FinTech has raised 8 million Eu- ros in a new financing round. The total amount includes a contribution of 3.4 million Euros from in- vestor Seventure, with the remainder coming from previous investors Bayern Kapital, MIG Fonds and a consortium of business angels. wealthpilot provides a digital platform enabling hybrid wealth man- agement: based on a digital aggregation of customers’ financial information, a wealth manager is able to provide individualized advice. The model is proving highly successful: the sum of assets entered onto the platform has increased tenfold since the middle of 2018 to a total of 42 billion Euros. With the funds raised through the latest investment round, wealthpilot aims to expand its team and prod- uct offering, maintain the strong growth dynamic in its established market segments, and develop new business among insurers.
A large proportion of the so-called mass-affluent – the middle-class population with a high level of liquid assets – are neglected when it comes to financial advice and planning. By offering hybrid services, wealthpilot aims to fill this gap and thereby addresses a segment of the population which numbers ap- proximately half a billion people worldwide. The idea of hybrid wealth management is to combine the advantages of a data-driven, digital wealth platform – such as transparent analysis on all assets – with comprehensive and personalized advice. At the customer’s request, wealthpilot’s SaaS platform auto- matically aggregates, analyses and plots out all financial information, regardless of asset class and finan- cial institution, and displays it in a digital overview at the touch of a button. From real estate to equity funds, securities accounts and deposit accounts to fund-driven life insurance. This enables the customer to create a personalized and holistic financial strategy together with their bank advisor, broker or wealth manager. The technology goes far beyond European payment services (PSD2) standards and classic multi-banking. Customers remain fully in control of their own data.
With the fresh capital, wealthpilot also plans to further develop its data aggregation depth and breadth, so that in future expanded data interfaces for investments in liquid assets, additional assets such as real estate and investments are available in the transparent overview as well. “In this way, wealthpilot cre- ates 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”, explains Stephan Schug, Co-CEO of wealth- pilot, “We want to give the customer a financial home for his or her assets. Today and in the future, this new home is on a digital platform that aggregates and analyzes all assets at a high level of data quality, and which allows for the planning and realization of a personal financial strategy along with a wealth advisor.”
More than 8,500 banks, insurance companies, broker pools and wealth advisors and their customers now work with the Munich-based FinTech’s software solution – and wealthpilot was able to increase assets managed via its platform to 42 billion Euros. Customers include well-known German financial
institutions such as Berliner Volksbank, Volksbank Mittelhessen, various savings banks of the Spar- kassen-Finanzgruppe, as well as Helvetia life insurance.
In addition to optimizing data aggregation, wealthpilot intends to use the new funds to strengthen the team and further expand sales with the aim of making exclusive wealth management accessible to a broad section of the population, both nationally and internationally.
“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”, says Andreas Schenk, Venture Partner in the Digital Technologies team at Seventure Partners.
“wealthpilot’s growth rates continue to be impressive”, says Dr. Georg Ried, Managing Director at Bay- ern Kapital, “The coronavirus crisis has further accelerated digitalization in the financial sector enor- mously. In recent years, the company has achieved an impressive development and we still see consid- erable potential for growth and expansion, which is why we are looking forward to support wealthpilot throughout its further growth steps.”
“Particularly in today’s low interest environment, investors need to engage with their financial situation proactively”, says Boris Bernstein, Venture Partner at MIG Fonds, “We see great potential for wealth- pilot, since its platform supports both advisors and end customers in planning and realizing their financial goals more effectively. wealthpilot’s growth during last year’s crisis demonstrates how well its service offering is received in the market.”
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