The Frankfurt Private Equity team advised Toscafund Asset Management as lead investor in a €25 million financing round for Berlin-based wealth tech platform Elinvar GmbH. Toscafund’s investment is subject to approval by the German Financial Supervisory Authority (BaFin).
The present shareholders Ampega Asset Management, finleap and Goldman Sachs are also participating in the financing round.
Founded in 2016 in Berlin, Elinvar exclusively focuses on B2B2C, enabling its partners to digitalize their business models. The Platform as a Service (PaaS) offers a multi-tenant solution with the vision to connect the entire wealth management ecosystem. Several major German private banks, discretionary portfolio managers and Germany’s largest umbrella, Fondsdepot Bank, are already using the platform. Within less than five years, Elinvar has grown to more than 100 employees and opened a second office.
Toscafund Asset Management LLP is a London-based multi-asset alternative investment management firm with over $4 billion in assets under management. Founded in 2000 by Martin Hughes, Toscafund has firmly established itself as one of Europe’s leading investors in the financial services sector across both public and private markets.
The Goodwin team was led by Heiko Penndorf and Stefan Riegger.