Fintech wealthpilot closes new financing round
Capital for further growth at Munich-based fintech: wealthpilot closes financing round
Munich — Munich fintech wealthpilot receives capital for further growth The business model of the fast-growing Munich-based financial technology company wealthpilot is aimed at hybrid wealth management. Several investors contributed a total of 2.6 million euros in a financing round. Of this amount, EUR 1.1 million comes from a new investor and EUR 1.5 million from existing investors such as Bayern Kapital. With the funds from the new round, wealthpilot intends to expand sales and marketing as well as drive internationalization and product development.
wealthpilot’s digital infrastructure enables wealth advisors, asset managers, family offices, banks or broker pools to continue serving their clients personally in the future. This hybrid approach combines the advantages of personal consulting with wealthpilot’s efficient software-as-a-service (SaaS) platform. The model is increasingly in demand: advisors are now analyzing more than EUR 12 billion in assets with the wealthpilot software, up from around EUR 4 billion in August 2018.
The financial technology company wealthpilot was founded in 2017 and now has over 30 employees at its expanded Munich location and in the Graz office, which will open in July 2019. In total, more than 4,500 banks, insurance companies, broker pools, asset advisors and managers, tax consultants, family offices and their private clients currently work with wealthpilot’s solution, compared with around 1,500 twelve months ago. With wealthpilot’s SaaS platform, financial services firms and advisors can service all assets and asset classes of new and existing customers, deliver a world-class customer experience, and achieve significant time savings through process automation. “Since the beginning of 2019 alone, we have acquired ten major banks and insurance companies as customers. Our market entry into the enterprise segment has thus been very successful. There are now over twelve billion euros in assets that advisors and private customers analyze with our software,” says Stephan Schug (photo), one of the founders and managing directors of wealthpilot.
“wealthpilot has developed very well since our investment last year. The company’s growth rates are impressive,” says Bayern Kapital Managing Director Dr. Georg Ried. “High-quality customer care based on a sophisticated yet user-friendly SaaS platform is in demand among wealth advisors and managers. Using wealthpilot saves them time that can be spent on personal consulting. We were happy to participate in the follow-up financing round to lay the foundation for the company’s further growth,” continues Dr. Ried.
Now, the additional capital from the financing round concluded in June is to be used primarily to further develop automated data aggregation and analysis of asset values as well as intelligent scenario analyses for wealth advisors and private customers. In addition, the funds will be used to expand mobile iOS and Android applications. “We have become a leading provider of cloud-based software for hybrid wealth management. The fact that we have been able to win a large number of new customers in the enterprise and SME sectors in recent months is proof of the strong demand for innovative financial technology that improves and simplifies advisory services in wealth management. In addition, the strong commitment of a new investor and the renewed participation of existing investors shows that we can both gain and retain trust over the long term. We are excellently positioned for the next growth steps of our company,” explains Schug.
With its approach, wealthpilot also wants to “democratize” wealth management to a certain extent, as Schug explains: “Customers should be able to use tools for wealth advice and financial planning regardless of their asset situation, which are otherwise only available to the very wealthy with assets in excess of millions,” he says.
wealthpilot GmbH, based in Munich and Graz, is a fast-growing technology company providing a digital infrastructure for the personal wealth management of the future. Software-as-a-Service (SaaS) is one of the leading solutions in wealth management and enables wealth managers and advisors to achieve a symbiosis of digital and personal wealth advice. wealthpilot is already in use by over 4,500 users, who analyze and plan assets of over 12 billion euros with wealthpilot every day. www.wealthpilot.de