LIQID, one of the largest and fastest-growing digital wealth managers in Europe, today announces a €33 million "Series C" financing round led by Toscafund Asset Management LLP, the London-based multi-asset alternative investment management firm with over $4 billion of assets under management. Existing investors, including Project A, HQ Trust and Dieter von Holtzbrinck Ventures also participated in the round.
Following the transaction, Toscafund, through Tosca Private Investments Fund (“TPIF”), a new specialist vehicle targeting small/mid-market private equity opportunities in the European financial services sector, will become a significant shareholder in the Berlin-based disrupter. The transaction – subject to customary regulatory approvals – will be TPIF's first investment in Germany. It ranks among the most substantial funding rounds in the country's dynamic fintech space.
Established in 2016, LIQID sets out to level the playing field for affluent private investors with investible assets over €100,000. The company provides a digital alternative to traditional private banks, offering discretionary wealth management and access to alternative investment opportunities in partnership with HQ Trust, the multi-family office of the Harald Quandt family. In less than two years, LIQID has attracted close to €300 million in client assets.
"Along with our clients, our investors have been crucial in helping us build LIQID so far, and we are pleased to have found such a strong and internationally experienced partner in TPIF”, Christian Schneider-Sickert, CEO and co-founder of LIQID, said today. “With active help from TPIF, we look forward to expanding both our technology platform and the range of services offered in Germany and beyond."
Fabrizio Cesario, Partner at Toscafund, commented: "We are delighted to join the existing shareholders of LIQID, and to support the team with our capital and specialist expertise in European financial services. Building on Toscafund's longstanding track-record in providing growth capital to successful entrepreneurs, this transaction provides an excellent fit with TPIF’s objective of supporting companies benefiting from the rapid technological change fundamentally disrupting the financial services sector”.
"We believe there are strong growth prospects in wealth management catering to affluent clients across Europe. LIQID's award-winning product-offering has clearly differentiated itself by meeting the needs of affluent clients with a combination of technology, a unique product proposition and human expertise", added George Koulouris, Partner at Toscafund. "The business model is highly scalable and has great potential for the entire European market".
LIQID was advised by Rothschild & Co. TPIF was advised by Herax Partners.