Performativ, the Danish wealth management fintech, has secured €5.5 million in seed investment. The round was led by FinTech Collective, with existing investors UpFin, iGlobe Partners, EIFO, the Danish Sovereign Wealth fund also participating. The investment will help Performativ continue their growth within the sector.
Updating the wealth management sector
Although wealth management is a major financial sector — there are more than 24,000 companies in Europe — it is still heavily reliant on outdated systems. Many of the legacy systems date to the 20th century, which creates problems for users. They will typical require significant additional work each month, have complex setup requirements, and frequently need dedicated support staff.
Co-founder and CEO Albert Geisler Fox saw this firsthand when replacing systems at a major Scandinavian wealth management firm. Dissatisfied with the available options, he partnered with Peter Barry to form Performativ. With both bringing extensive experience from the financial sector, they were able to develop a clear vision of what a wealth management platform could offer.
Performative offers a core operating system that empowers financial firms with a scalable infrastructure. The system streamlines operation in the front-, middle-, and back-offices, and can seamlessly link with best-in-class native and mobile applications for end customers.
It offers an improved experience for both wealth managers and their customers. Onboarding time is a huge 200 percent faster than industry standards, and ongoing operational costs up to 70 percent lower.
Fox believes that the platform offers a transformative change. “At Performativ, we’re not just navigating the wealth management landscape; we’re charting a new course,” he says. “Our commitment is to understand the industry’s pain points and bridge the gap.”
Already a proven solution
Performativ has seen remarkable growth and already manages €20 billion in assets. These include accounts managed across different tax regimes and a range of financial products for clients from enterprise-level banks to small wealth management firms across five countries. With each already benefiting from the cutting-edge Performativ offers, it is already well-positioned for further growth into new markets.
Toby Triebel, Partner at FinTech Collective and now a Performativ board member, was effusive about Performativ’s potential. “In Performativ, we see the infrastructure of the future wealth management industry,” he said. “Their vision is not just ambitious — it’s essential. We’re excited to back this formidable team and participate in their transformative journey.”
Already a market leader in the sector, Performativ will be using the funding to support its expansion. With thousands of potential clients still using decades-old legacy systems, they believe their offer of a modern and scalable system, backed by their customer-focused commitment, will prove not just popular with wealth managers and their clients, but will transform the sector across the continent.