Munich-based wealthpilot lands €8 million for expansion into new market segments

Munich-based fintech startup wealthpilot has raised 8 million in a new financing round. The total amount includes a contribution of 3.4 million from investor Seventure, with the remainder coming from previous investors Bayern Kapital, MIG Fonds and a consortium of business angels. 

Founded in 2017, wealthpilot taps into the full potential of wealth management for end customers, wealth managers and banks. Its platform is based on a digital aggregation of customers’ financial information, providing individualised advice.

The model is proving highly successful, with the sum of assets entered onto the platform having increased tenfold since the middle of 2018 to a total of 42 billion. More than 8,500 banks, insurance companies, broker pools and wealth advisors and their customers now work with the platform; customers include well-known German financial institutions such as Berliner Volksbank, Volksbank Mittelhessen, various savings banks of the Sparkassen-Finanzgruppe, as well as Helvetia life insurance.

The company states that 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 approximately half a billion people worldwide. 

At the customer’s request, wealthpilot’s SaaS platform automatically aggregates, analyses and plots out all financial information, regardless of asset class and financial 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 creates 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”, explained Stephan Schug, co-CEO of wealthpilot, “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.”

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”, said Andreas Schenk, Venture Partner in the Digital Technologies team at Seventure Partners.