Top 5 WealthTech companies in the European market
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Digital business models have emerged within the wealth management industry, in the last decade. These companies leverage digital platforms and technology to help investors connect with their peers and the right advisors, in addition to providing tailored advice, and offer investment opportunities and strategies similar to those used by professional investors and institutions.
Here are the top 5 European WealthTech companies:
Belgian B2B WealthTech startup, InvestSuite, aims to help financial institutions accelerate their digital wealth transformation via its AI-based digital investment solutions. The startup was founded in 2018 in Leuven by an experienced team of bankers, computer scientists and product designers.
Recently, digital consulting firm Synechron has announced a strategic partnership with InvestSuite in a bid to help banks, brokers, wealth managers, and other financial institutions to serve their clients with modern digital investment solutions. Synechron will help deploy InvestSuite’s digital wealthtech products. Avaloq also entered into a partnership with FinTech InvestSuite in a bid to bring automated investment storytelling to its open banking marketplace, Avaloq.one Ecosystem.
Based on the iVaR-based portfolio construction framework, InvestSuite offers an end-to-end, customizable robo advisor, which provides an automated digital investment product that financial institutions can offer to their clients.
Objectway is an Italian provider of wealth and investment management software platforms for the financial services industry. It provides omnichannel and omni-device solutions for the wealth and investment management business.
Founded in 1990 and based in Italy, digital wealth, investment and asset management services provider, Objectway announced last year that Belgian commercial institution, vdk bank will implement the supplier’s WealthTech Suite including Portfolio Manager and Investor Portal. The implementation is expected to provide the bank with portfolio management, branch-based advisory and execution-only capabilities as well as enable web apps for end clients for self-directed investment management.
Objectway also unveiled a Financial Chatbot in a contribution termed as “A Financial Chatbot for the Unified Wealth Management Platform Project” at a workshop “AI for Finance, Commerce and Legal Issues” held at the CINI (National Inter-university Consortium for Computer Science) Conference on artificial intelligence’s in Rome.
Founded in 2014, Scalable Capital is a Germany-based digital wealth manager. The company recently raised an additional €50 million in a Series D financing round, taking the total amount raised to €116 million.
Scalable Capital aims to simplify wealth management and make investments cheaper through technology. The company allows customers to invest their money through the robo advisor and trade actively with the broker. It offers a trading flat rate, where retail investors can trade shares, funds, and ETFs or make savings plans on ETFs for €2.99 per month with no additional fees. It also provides access to overnight and fixed-term deposit offers.
The company also announced a partnership with Raisin in a bid to offer a new service, wherein the WealthTech’s customers with a portfolio account at Baader Bank will be able to invest in fixed-term deposits with selected European banks. According to the supplier, the new service can be accessed via Scalable Capital’s website and apps and is expected to assist its existing wealth management service with Raisin’s partner banks.
Established in 2000, Finantix is a provider of transformational software to the private banking, wealth management and insurance industries. It offers a library of multi-country, multi-jurisdiction, multi-channel, Omni-device reusable software modules, widgets, engines, connectors and APIs
Recently, Finantix announced the integration of Next Best Action into its product suite. Next Best Action uses the power of AI to provide personalised financial advice through an accessible user interface and has been developed through the combination of Finantix’ advisory components and InCube’s deep expertise in quantitative finance.
It also partnered with Capita Consulting. The collaboration sees Capita assisting clients in the private banking and wealth management sectors and enable them to launch a customised Finantix platform for their needs. Capita Consulting thus becomes a Finantix-certified strategic implementation partner in the UK.
Founded in 1998 and headquartered in Zurich, additiv enables financial institutions to capitalise on digitalisation. Its DFS solution lets FIs launch new propositions quickly and allows them to maximise customer engagement.
This year, additiv launched its KickStarter solution with an aim to provide a simplified, risk-free route to digital wealth management. The solution offers fast deployment options for additiv’s other offerings, including its Hybrid Wealth manager. The new solution is expected to go live in the next three months.
Swiss FinTech Sparbatze recently announced the launch of its fully digital pension services in collaboration with three industry partners, including Zuger Kantonalbank, additiv, and Qcentris. Zuger Kantonalbank will assume the responsibility of the custodian and will strengthen the digital proposition with the provision of fund accounts for an external asset manager.
READ MORE: Wealth Management and Private Banking Systems Report 2020 by IBS Intelligence
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