Elinvar, based in Germany, delivers a technological infrastructure for banks, discretionary portfolio managers, third party providers and others.

Berlin-based wealthtech house Elinvar has signed a €25 million ($30.4 million) funding round to scale its multi-tenant platform, connecting the wealth management ecosystem. 

The lead investor for the round is Toscafund Asset Management (subject to approval of German financial regulators). Existing shareholders Ampega Asset Management, finleap and Goldman Sachs also participated in the round, Elinvar said in a statement. 

Elinvar, founded in 2016, operates a “Platform as a Service”. While Elinvar delivers a technological infrastructure, banks, discretionary portfolio managers, third party providers and all other users of the Elinvar platform can execute new business models, access new value chains and make the most of their core competencies. 

The organisation has grown to more than 100 employees and opened a second office in Magdeburg, Germany.

The firm said major German private banks, discretionary portfolio managers and Germany’s largest liability umbrella, Fondsdepot Bank, are using the platform. The private bank Donner & Reuschel, for example, has tapped into the platform. 

“Wealth management is going through a massive change. In order to offer the best solutions to their clients, wealth managers need to focus on their core competencies and collaborate with other partners, complementary to their expertise. Our goal is to connect the entire ecosystem and to enable our partners to execute their target operating model in the best way possible,” Chris Bartz, chief executive and co-founder of Elinvar.