Goldman Sachs has invested in Elinvar, a German startup founded by Deutsche Bank veterans that has built a digital platform that helps traditional lenders offer their services online.
Goldman's Principal Strategic Investments group led a funding round joined by existing investors Ampega Asset Management and Finleap which brings Elinvar's total funding at over EUR20 million, according to Bloomberg. Goldman now holds a 13.9% stake in the startup.
Founded three years ago, Berlin-based Elinvar counts several older German banks, including Donner & Reuschel and Fuerstlich Castell’sche Bank, among its clients, helping them transition into the digital age in return for a share in the revenues made through its platform.
Elinvar CEO Chris Bartz, who spent a decade at Deutsche Bank, tells Bloomberg that the new funding will be used to explore expanding outside of Germany and to help boost the firm's workforce from around 80 employees to 100.