Estonian fintech Depowise expands to Ireland and the UK

17 Jun 2024

Leonid Belov, managing director for Ireland and the UK. Image: Krõõt Tarkmeel

The expansion will be led by Leonid Belov, formerly of BlackRock and Bloomberg, who has just been appointed managing director for the region.

Estonian fintech start-up Depowise has announced today (17 June) that it is expanding to Ireland and the UK to increase its market share in the region.

Founded in 2021, Depowise is an oversight and process automation start-up that focuses on financial services firms. It has developed a platform that consolidates asset, fund and investor data and documents across an organisation, and provides flexible workflow management tools.

The company says it has ambitious plans to achieve a volume of assets on the platform worth €8trn. This mission will be helped by its expansion into Ireland, the UK and Luxembourg, where it currently has a 5pc share in a domiciled funds market it estimates to be worth €16.5trn.

“You don’t have to spend your mornings searching for discrepancies because Depowise does the checks for you in the background,” said Sven Peekmann, co-Founder and co-CEO of Depowise. “Now, when nearly 90pc of daily work is done automatically, Depowise allows you to focus on the issues with the most significant business impact.”

The expansion into Ireland and the UK will be led by Leonid Belov, who has been appointed managing director for the region.

“Depowise has incredible growth potential that I couldn’t resist being a part of,” said Belov, who has previously worked at BlackRock, State Street, MSCI and Bloomberg. “The dedication and achievements of the team in just three years – developing a market-leading end-to-end tool for the depositary market – are truly impressive.”

According to Belov, the global asset servicing and management industries are in dire need of technological advancement. “Despite the significant pace of automation, a meaningful proportion of the industry still relies on manual processes for critical tasks,” he said. “We see this as a big market opportunity for Depowise – our modern technology can unlock scale and achieve viable efficiency for our customers.”

It is understood that Belov will share his time between Ireland and the UK, and that an expansion of the team will be “considered” in line with the company’s growth in the market.

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Vish Gain is a journalist with Silicon Republic