Copenhagen-based Performativ, a SaaS-based client reporting software company that aims to revolutionise the wealth management sector, announced that it has secured €5.5M in a seed round of funding.
The investment was led by FinTech Collective (FTC), a global VC firm that backs founders who reimagine the way money moves through the world.
Performativ’s existing investors including UpFin, iGlobe Partners, and the Danish Sovereign Wealth fund, EIFO, have also participated in this round.
Performativ: Wealth management software
Europe’s financial services industry, encompassing thousands of companies, has long struggled with outdated legacy systems, requiring over 100 hours of manual work and dedicated support staff. This is where Performativ claims to have become a choice for European wealth management.
The company claims to provide a transformative core operating system that streamlines front, middle, and back-office processes.
Performativ was founded in 2020 by CEO Albert Geisler Fox and CTO Peter Barry, both seasoned financial professionals from companies like Goldman Sachs and BlackRock.
Their frustration with existing legacy systems led to the creation of Performativ, a wealth management operating system aimed at addressing the challenges in the wealth management industry.
According to Performativ, its platform reduces onboarding time by 200 per cent and can cut operational costs by up to 70 per cent after onboarding, offering an efficient solution for financial institutions.
Performativ reports that it has witnessed rapid growth driven by its value proposition, managing over €20B in assets across diverse portfolios. The platform caters to both large banks and smaller wealth management firms, ensuring everyone has access to advanced technology.
Currently operating in five countries, the company is expanding its target markets, showcasing the transformative impact of its services.
Capital utilisation
Performativ, through this investment, aims to transform the outdated and underserved wealth management industry across the continent.
Co-founder Albert Fox says, “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,” adds Fox.
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