Wealth Reader, a fintech that has developed an API providing real-time access to any type of financial asset held by any entity, has successfully closed an investment round of €500,000.
The investment was led by Angels, Juan Roig’s investment company, and was also backed by Tres Coronas, Itnig, Waterhole Ventures, and several business angels.
This round will allow Wealth Reader to grow the team and perfect the product for each client.
Wealth Reader has professionals with extensive experience in regulated environments and collaborates with strategic clients to improve the product for each type of client targeted, whether they are software developers for family offices, startups or investment banking.
Investing in Wealth Reader reflects Angels’ strategy of investing in people, not just ideas or projects. Pepe Peris, CEO of Angels, highlights David Lozano’s capacity for vision and execution in leading disruptive fintechs that bring differential value to their clients.
The EU scenario
The regulatory change in the European Union three years ago made it possible, with prior consent, to access the wealth information of individuals and companies, limited to bank account information.
Wealth Reader addresses the need to complete wealth information by developing an API that reads and standardizes complementary information such as portfolios of funds and shares or real estate assets.
The first 100 connectors will cover the main entities in various geographies, and Wealth Reader already connects with the main banks in Spain.
According to David Lozano, CEO of Wealth Reader, until now, there were solutions that used this information to automate activities such as granting loans or creating financial analysis and reporting tools, but they were imprecise because they could not access the financial assets of different current accounts.
“Wealth Reader is the OpenBanking provider that offers the most reliable and highest data quality connectivity with banks and other entities, including investment information”, adds Lozano, an experienced fintech entrepreneur who previously founded and sold Afterbanks to Indra in 2019.