Ramify raises 11 million euros to digitise wealth management

The wealth management and financial advisory platform has just completed a new round to roll out on the French market. The objectives: continue to expand its offering and its services, notably by betting on AI, but also to improve its brand awareness.

Address people who invest from 100,000 to 5 million euros, while also supporting those who start by placing 1,000 euros. That is the ambition of Ramify, which aims to be an "alternative to private banks." The startup, born in 2021, offers a wealth management solution combining digitisation and advice. "We offer the widest possible product range, from life insurance to art investments as well as more traditional products such as savings accounts," explains Olivier Herbout, the co-founder, who can also offer private equity and real estate investments or other alternative placements such as crowdfunding or structured products. "Our advisors are wealth management experts; they offer products specific to each of our clients," continues the executive, who also employs quantitative finance researchers and developers and has 11 employees.

Digitise as many tasks as possible

Because what really sets Ramify apart from private banks is the tech. "We bring a lot of added value on digitisation. In the classic financial system, clients are often required to travel in order to sign a subscription form. The idea is to digitise as many tasks as possible while keeping the human aspect for advice. When you invest 500,000 euros, you do not want to deal only with a computer," stresses Olivier Herbout.

For the startup, the other advantage is being able to offer different products and different investment funds. "We do not hold our own funds, so we can offer our clients the chance to invest in what seems to us to be the most appropriate," continues the executive, whose startup is paid by receiving a share of management fees.

Assets under management multiplied by 20

Ramify, which has seen exponential growth in recent months with assets under management multiplied by 20 in 18 months, now wants to continue its development. After raising 3.5 million euros in seed, the startup has just announced an 11 million euro Series A from a consortium of investors led by 13books, which also includes Fidelity International Strategic Ventures (FISV) and its historical investors.

"The first objective of this round is to offer more products and to democratise them. Some investments are accessible only above minimum amounts. We want to find players who lower those thresholds and have more investment vehicles to access them," says Olivier Herbout, for whom the ambition is also to digitise investments that are not yet digital. With this funding round, Ramify also wants to improve its brand awareness by investing more in marketing.

Doubling down on France

To reach these ambitions, the startup plans to hire 8 to 10 people. "We want to create new tools, simple simulators for investors for example, while continuing to bet on AI. And for that, we need to expand our tech team," says the executive. At the same time, Ramify also plans to grow its advisor unit.

Today, the startup is focused on the French market. "It is a market that is still too little digitised, and that is consolidating. Our offering is relevant there. The objective is therefore to double down on France." The startup plans in time to expand internationally. But that expansion will more likely be the subject of a Series B and is not on the agenda for now.