Asset & Wealth Management
Blanco raises €2 million for European expansion
Wealth manager fintech Blanco using Netherlands as a springboard.
Holland-based wealth-management fintech Blanco Service has just raised €2 million ($2.48 million) in its second round fundraising. The proceeds will be used to fuel their expansion plan to Luxembourg and Belgium.
Blanco, a startup developing “wealth management in a box” robo solutions for banks, previously shared with DigFin its global ambitions, using a small, open country as a springboard – but it needs to gain scale in Europe before it can tackle Asia.
Investors are KBC Start It Fund and Volta Ventures. KBS Start It Fund is a venture branch of KBC securities. Volta Ventures is a venture capital fund for internet and software companies in the Benelux countries. Blanco’s systems provide online customer onboarding and KYC services.
The proceeds will be used to set up offices in Benelux countries. “We will export our whole business in Benelux first then decide where to go next,” said a spokeswoman. Under pan-European rules, the company is compliant in these markets, and is applying for certifications for the safe handling of customer data.