In this week's Newcomers article, we introduce Depowise, an AI-powered solutions to automate oversight and transaction monitoring but also digitalise safekeeping. We had a conversation with Artur Reiter, Co-Founder of Depowise, who shared insights about the company's origins, unique features, and plans for the future.

1 - Please introduce your company and the products/services it offers.

Well, Depowise is quite the story. We kickstarted our journey back in December 2021, born in Estonia and then swiftly finding our way to Luxembourg, which, as you know, is a major hub in the global fund industry. We offer a comprehensive one-stop solution, custom-tailored for depositaries, management companies, and fund administrators. What we're really about is simplifying the core processes like cash flow management, oversight, safekeeping and record-keeping. And what sets us apart is our relentless focus on user-friendliness and seamless integration. We're not just trying to fit in; we're redefining the standards in our industry. As we redefine industry standards, our rapid growth and client trust underline our distinction in the market.

2 - What led to the creation of your company?

The birth of Depowise during the pandemic was a fascinating twist of fate. Picture this: three Estonians, each with their own expertise, driven by a shared vision of financial transparency and efficiency. It's like the universe conspired to bring me, Sven Peekmann, and Mait Poska together. I’d been steeped in financial insights from my time at Bloomberg and other big players, recently returned to Estonia, and seeking a bit of tranquillity amidst all the chaos. On the flip side, Sven and Mait are excellent at turning complex processes into intuitive IT systems. It's been a whirlwind, I won't deny it. But what's crystal clear is that Depowise was born to be a game-changer, not just another face in the crowd.

3 - What is the most difficult or unexpected thing you've had to overcome on your journey?

Getting our very first customer was one of those challenges that really tested us. Stepping into a new market, building trust, especially in a field as complex as ours, is no walk in the park. We had faith in the value Depowise brought to the table but conveying that to potential clients required finesse and persistence. What truly surprised us, in a pleasant way, was the warm welcome we received from the Luxembourgish community. Their openness and camaraderie were like a lifeline for newcomers like us.

Today, with the backing of 17 customers and a product hailed as revolutionary, the path ahead is certainly brighter. But make no mistake, we're still committed to exceeding our clients' dynamic expectations every day.

4 - How is your offering different from your competitors and other market players?

Depowise stands out in the world of asset servicing thanks to our no-code, ready-to-use platform. You see, unlike the typical startup solutions that require extensive setup post-purchase, Depowise moves twice as fast as the market average and three times quicker than in-house solutions. Within the depositary segment, our approach has set new benchmarks. But what really elevates us isn't just the prowess of our product; it's our unwavering commitment to speedy, hassle-free delivery. Our goal? To make sure our clients can effortlessly boost their asset servicing capabilities with unmatched innovation and excellence.

5 - What did LHoFT bring you? 

LHoFT is a powerhouse in the world of FinTech in Luxembourg, which, as you know, is a major asset servicing hub of Europe. Coming from Estonia, we knew that thriving in this bustling ecosystem meant tapping into the incredible network and resources that LHoFT offers. Their support wasn't just about credibility; it was about valuable mentorship, industry insights, and introductions to key players. That support has been instrumental in fast-tracking our growth, helping us build a strong portfolio with 17 major clients, including some of Luxembourg's finest. In brief, LHoFT isn't just giving us a platform; they've given us a launchpad for our dreams.

6 - What's next?

Depowise's journey in Luxembourg has been nothing less than meteoric, but for us, this is just the beginning. As we strengthen our roots in Luxembourg, our sights are locked on Europe, especially London and Dublin. The demand for an Asian presence in Singapore and Hong Kong is obvious, mirroring our success in Europe. Currently, Depowise handles assets nearing 1 trillion euros, serving 17 paying customers, and our pipeline is growing steadily. Our rapid growth is a testament to our solution's uniqueness and unyielding ambition.