Performativ, a Danish leader in wealth management technology, has secured a €5.5 million seed investment led by FinTech Collective. This investment will supercharge Performativ’s mission to revolutionize the outdated and underserved wealth management industry across the continent.
Europe’s financial services industry, comprising over 24,000 companies ranging from large banks to smaller wealth managers, has relied on legacy systems born in the last century. These outdated, on-premise solutions require over 100 hours of manual work per month, have complicated technical setups, and need dedicated support staff.
Performativ has rapidly emerged as the premier choice for the European wealth management sector, offering a game-changing core operating system that empowers financial firms to navigate the future on a scalable infrastructure. The platform’s technology streamlines the processes of its clients’ front, middle, and back offices, creating a significant change in an industry long overdue for a digital transformation.
Performativ’s story began in 2020 when CEO Albert Geisler Fox witnessed the challenges of replacing legacy systems at a prominent Scandinavian wealth management firm. Frustrated with existing offerings, he joined forces with now CTO Peter Barry. Their combined experience at financial giants such as Goldman Sachs and BlackRock fueled the creation of Performativ – a shared vision of the wealth management operating system of the future.
Performativ’s proposition for Europe’s wealth management sector stands out. Its cutting-edge technology provides an intuitive framework for financial institutions, coupled with best-in-class service and native mobile applications for end customers. The platform’s simplicity and user-friendliness reduce onboarding time by an impressive 200 percent compared to industry averages. Once onboarded, reducing operational costs by up to 70 percent.
Albert Fox, Co-Founder and CEO of Performativ, said: “At Performativ, we’re not just navigating the wealth management landscape; we’re charting a new course. Our commitment is to understand the industry’s pain points and bridge the gap. This funding is a testament to our unwavering dedication to empowering financial institutions and wealth managers with the tools they need to thrive in a rapidly evolving landscape. We’re not only excited about what this means for Performativ but also for the entire wealth management sector we’re transforming.”
Performativ’s rapid growth reflects its compelling value proposition. The platform handles over €20 billion in assets, including accounts custodied across various tax regimes, with a diverse portfolio spanning a wide list, including listed equities, private equity, real estate, and infrastructure assets. It empowers enterprise-level banks and small to mid-sized wealth management firms, ensuring no one is left behind on the technology curve. This transformation is already evident in Performativ’s footprint, spanning five countries and rapidly expanding throughout target markets.
In 2022, Performativ received initial backing from Scandinavian fintech investor UpFin, Singapore deep tech fund iGlobe Partners, and the Danish Sovereign Wealth fund, EIFO. The latest investment round, led by FinTech Collective, saw participation from all previous investors, reaffirming their belief in Performativ’s vision and potential.
Toby Triebel, Partner at FinTech Collective and Performativ board member, added: “In Performativ, we see the infrastructure of the future wealth management industry. The combined expertise of Albert, Peter, and the rest of the management team is extremely complimentary. Our mission at FinTech Collective is to back founders who reimagine how money moves around the world – which is exactly what the team at Performativ has done. Their vision is not just ambitious—it’s essential. We’re excited to back this formidable team and participate in their transformative journey.”
The funding will not only accelerate Performativ’s growth trajectory but also broaden its investor base. FinTech Collective’s team of former executives, deeply focused on financial technology, brings invaluable insights and expertise to help Performativ chart its expansion.
Performativ’s groundbreaking technology is poised to redefine Europe’s wealth management industry, providing an agile and efficient solution that ensures companies are equipped for the future. The recent funding secured is a testament to the growing recognition of Performativ’s potential to revolutionize this industry. Performativ’s team is distributed internationally, with offices in Denmark and the UK.