The fintech, Wealth Reader, has closed an investment round for 500,000 euros led by Angels, Juan Roig’s investment company, and to which they have also attended Three Crowns, Itnig, Waterhole Ventures and various business angels.
David LozanoCEO of Wealth Reader, was founder and CEO of Afterbanks, a fintech promoted by Lanzadera and invested by Angels whose technology allows extracting and aggregating data from different banks in real time and initiating instant and secure payments. The company was sold to Indra in October 2019.
The regulatory change that in the European Union three years ago made accessible, with prior consent, access to the patrimonial information of individuals and companies, was limited to the reading of bank account information. Wealth Reader meets the need to complete wealth information, having developed an API that reads and standardizes complementary information, such as fund portfolios and shares or real estate assets.
The first 100 connectors will cover the main entities of various geographies, of which Wealth Reader already connects with the main banks in Spain: Andbank, Bancamarch, Bankinter, BBVA, Caixabank, ING, Renta 4 Banco, Sabadell, Santander and Triodos Bank.
“Until now, there were solutions that used this information to automate activities such as granting loans or creating financial analysis and reporting tools, but in an imprecise way because they could not access financial assets from different checking accounts. Wealth Reader is the OpenBanking provider that offers the most reliable and highest-quality connectivity with banks and other entities, including investment information”, explains David Lozano.
Experience in regulated environments
To achieve it, the fintech It has professionals with extensive experience in regulated environments and is collaborating with strategic clients that help them improve the product for each type of client it is targeting, whether they are software developers for family offices, startups or investment banking.
“This round of investment, in which I am fortunate to once again receive the support of Angels, will allow us to grow the team and thus be able to perfect the product for each client.” says the CEO of the fintech.
“Investing in Wealth Reader is an example that reflects that Angels invests in numbers one; not in ideas or projects, but in people. We have known David Lozano for a long time and we are investing in him again, we are aware of his vision and execution capacity leading disruptive fintechs that provide differential value to their clients ”stands out for his part Pepe Peris, general director of Angels.
