Goldman Sachs, one of the world’s leading investment bank and financial solutions company, has found invested in Elinvar, a fintech startup company based in Berlin.
According to a report from Finextra, Elinvar has completed a funding round led by Goldman’s Principal Strategic Investments group, along with other existing investors, namely Ampega Asset Management and Finleap, which brings Elinvar’s total funding at over €20 million.
“We want to use the funds for growth and are also thinking about expanding outside Germany,” Chief Executive Officer Chris Bartz said in an interview.
Founded in 2016 by Chris Bartz, Dr. Marco Neuhaus and Sebastian Böttner in Berlin, Elinvar provides a digital platform for lenders to present their services online. Some of its notable clients include M.M.Warburg & Co., a large scale private investment bank, Donner & Reuschel AG, one of the largest bank in Germany, and Fuerstlich Castell’sche Bank, the oldest bank in Würzburg.
Bloomberg also reports that the current round of financing has provided Goldman Sachs with 13.9% hold in the Berlin-based company, while both Ampega Asset Management and Finleap own 32.8% each. The rest belongs to Elinvar’s founders and employees, which is said to be around 80 people and is expected to increase to 100 by the end of the year.
James Hayward, executive director at the Principal Strategic Investments group, said: “Elinvar has developed innovative technology that can help accelerate the digitization of the asset management industry. We are impressed with the vision and determination of the management team.”
The same sentiment was echoed by Harry Ploemacher, CEO of Ampega Asset Management, saying “Elinvar has grown extensively in the past two and a half years and proven its business model. We are convinced that this is the optimal setup to support the company’s continuous growth and its expansion to the European market.”
The investment will be used by the fintech startup firm to expand its team and offers to more European countries.