Copenhagen-based fintech startup Performativ secures €5.5 million in seed funding. The investment was made to support the business’s growth in terms of its customer base and offerings.
The company had previously raised $700,000 in a Pre Seed round headed by Denmark’s VF Venture, an arm of the Danish Growth Fund (Vaekstfonden), and FinTech Collective led the €5.5 million Seed investment.
A Microsoft poll indicates that just approximately one-third of CEE financial institutions have set up teams working on the issue of traditional banks and financial institutions failing to stay up in today’s digital-first environment, while one-fifth of them aren’t dealing with it at all.
This problem, which frequently involves the use of outdated technologies dating from the 1980s to the early 2000s, continues to get worse. The banking sector alone spends over $200 billion on technology, and 85 percent of that amount is devoted to “running the bank,” or modifying regulations and maintaining infrastructure.
Comprising around 24,000 companies across Europe, spanning from major banks to specialised wealth managers, the financial problems linked to legacy difficulties intensify rapidly.
Albert Geisler Fox elaborates: “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.”
Revolutionising the HNWI customer experience as well as the wealth management advising process. Performativ are currently collaborating with a large number of custodians—and the number of them is still growing—to give advisors access to a broad analytical view of their clients’ portfolios and to give clients access to a branded, easy to use app that allows them to view their entire wealth portfolio, including both liquid and illiquid assets that are under and beyond the purview of the wealth manager.