Wealthinitiative offers a marketplace and an automated valuation tool for non-bankable assets (including four categories: Real estate, Art, Passion investments and shares in private companies). Last week the company has been award at the Wealthbriefing Swiss Awards. “The Wealthbriefing award is important to us as it is a recognition for our peers and prospects”, explains Wealthinitiative’s founder Douglas Azar. In the past couple of months the start-up has managed to get significant exposure thanks to several awards. Last year the fintech startups made it to the European finals of the UBS finance challenge and won the Geneva Convention Award. It was also selected for the F10 accelerator last year and for the current fintech Fusion accelerator programme.
The two products of the company are generating great interest from potential customers, too. Douglas Azar comments: “The demand is there; we have discussed with numerous private banks, family offices and asset managers and the valuation and consolidation of non-bankable topic is definitely on the agenda. The marketplace enabling clients to connect to each other and thus drastically reduce the intermediary fees is also well received. We are now in advanced discussion with two private banks for a pilot.”
The valuation tool is under development. The start-up has a beta version ready and in a pilot phase with a selected group of family offices. “The criteria applied on the valuation as well as the data is coming from different sources that vary depending on the asset class. For art and passion investment for example, we collect data from auction houses public sale results and then apply machine learning on it. For real estate we collect market-specific data, macroeconomic data and also partner with local specialists”, says Azar.
The launches will be only the first steps of Wealthinitiative. The next step on the financing side is a potential ICO in Q2 this year. The proceeds will be used process to tokenize the assets on the platform for provenance and fractional ownership purposes. The vision is to create a non-bankable asset exchange.