Milan, July 29th, 2020
Digital: We Wealth - through Voices of Wealth - closes a second round of financing of €1.5 million with the entry of three major shareholders (CRIF, Gellify, B.Group) and some private investors
The entry of new shareholders will guarantee We Wealth new capital, access to innovative technology solutions, and value-added services to consolidate and accelerate its growth path.
Voices of Wealth, an innovative start-up known through its We Wealth platform [www.we-wealth.com], launched in 2018, has announced the closure of a second round of financing of €1.5 million and the entry of new investors of significant standing. These include CRIF, a global company specializing in credit & business information systems, advanced digital solutions for business development, and open banking; GELLIFY, the B2B innovation platform that selects innovative, hi-tech startups, invests in them and helps them grow, and connects them to traditional companies with the aim of innovating their processes, products, and business models; as well as B.Group and some private investors, professionals, and managers that are well-known in the world of wealth management and consulting, including Federico Ghizzoni and Gianni Franco Papa.
We Wealth is the first marketplace entirely dedicated to the world of Wealth Management in Europe and to the management, protection, and transfer of consumer and business assets. It has a highly innovative business model, which connects the demand for consultancy and the search for information by end investors with the supply of content and services by the best professionals in the world of wealth management and financial advisers, through a relationship between the parties based on profiling technologies, quality content, and artificial intelligence.
Just two and a half years on since it was established, with more than 300,000 unique users per month on we-wealth.com, We Wealth has become a leading information company dedicated to the world of investment and wealth management and a benchmark for the aggregation of supply and demand in this sector.
Through this transaction, CRIF will provide its more than 30 years’ experience, certified information, advanced evaluation tools, and best practices, making a concrete contribution to the growth path of We Wealth, including through inclusion in the CRIF DIGITAL NEXT ecosystem of value-added services, open to the integration of innovative third parties, which We Wealth is an example of in terms of capability and potential.
In turn, GELLIFY will support We Wealth in developing a business model based on highly advanced technologies and data analytics. This will involve the technological integration of the current content platform through data enrichment, artificial intelligence, and profiling technologies, as well as strengthening the production of high-value content aimed at both the supply and demand of consultancy services.
We Wealth is positioned in a very rich market context with strong potential. Revenue is estimated at around €10 billion per year. In terms of investment demand, Italy has at least 8 million investors who have expressed a need for the protection, optimization, and enhancement of assets. On an aggregate level, the country ranks as the fourth market in Western Europe, with financial assets of around €4,400 billion (source: Bank of Italy), with considerable potential for growth: in fact, only 30% of the financial assets of Italian households are currently under management, compared to the European average of 41%.
On the supply side, there are many stakeholders involved in Wealth Management (companies, professionals, and consultants), and the number is growing. In Italy, there are around 1,200 companies and 240,000 professionals interested in offering their services and products to help investors make the best choices, but this requires their expertise to be visible, on both a company and individual level; it is a matter of building a relationship of trust with customers, a relationship that could be considered on a par with that between doctor and patient.
We Wealth’s mission is therefore to create a stimulating digital ecosystem for both industry specialists and private and business owners (affluent or private clients, business families, and high net worth individuals), a place of exchange rich in high-value content, generated by a team of professional journalists and industry experts. At the same time, the aim is to develop an environment in which all the technological tools necessary to improve digital communication on financial advice and asset management issues are available.
This need arises from the disruptive digital revolution underway, accelerated in recent months by the COVID-19 emergency, which is also affecting how, on the one hand, Italian investors get information and take decisions, and, on the other, how professionals and companies active in financial consulting and asset optimization provide their services.
“The entry of new investors into We Wealth is a very positive sign for us,” commented Fabienne Mailfait, Co-founder and CEO of Voices of Wealth and We Wealth, “because it will enable us to grow even faster, further strengthen our business model and support our customers with technologically advanced solutions to establish the communications of the future, something that has proved fundamental during lockdown, and to support companies with sophisticated lead generation techniques.”
“CRIF has always been focused on innovation and the development of digital services, fundamental aspects in the value proposition of a high-potential business such as We Wealth. With this transaction, we can make a real contribution to the growth of We Wealth and, at the same time, further enrich the CRIF Digital Next ecosystem by offering end customers solutions that meet their needs, including in terms of financial well-being”, explained Silvia Ghielmetti, Managing Director of CRIF.
“Over the next few years, the asset management sector will experience a major revolution that will result in a redistribution of the roles and revenues generated by the sector, to the benefit of the most innovative players”, according to Fabio Nalucci, CEO and Founder of GELLIFY. “We decided to invest in We Wealth in order to enable the brand to become a forerunner of this new scenario.”