(L-R) Artur Reiter, Depowise CCO; Sven Peekmann, Depowise CEO;
Chronicle.lu recently had the opportunity to speak with Artur Reiter, co-founder and chief commercial officer (CCO) of Depowise, to learn more about this Luxembourg-based provider of software solutions for asset servicing companies.
This article forms part of a series of interviews with "newcomers" hosted at the Luxembourg House of Financial Technology (LHoFT), i.e. startups having joined the LHoFT since 1 January 2022. Depowise has been present at the LHoFT since June 2022.
Chronicle.lu: Please introduce your company and the products/services it offers.
Artur Reiter: Depowise, founded back in December 2021, has an intriguing journey. It all started in Estonia and eventually found its home in Luxembourg, a global hub for the fund industry. Our mission is to create a one-stop solution that would streamline the asset servicing sector, starting with UCITS and AIF depositaries. We have built a super tool for handling core processes like cash flow monitoring, oversight, safekeeping and record-keeping. We're all about user-friendliness and seamless integration, which makes Depowise stand out in our market segment. And you know what's exciting? We're gaining trust rapidly and reshaping industry standards.
Chronicle.lu: What led to the creation of your company?
Artur Reiter: Depowise's birth is quite an interesting tale, especially during the pandemic. It's almost like fate brought three Estonians together: me (Artur Reiter), along with Sven Peekmann and Mait Poska. We shared this powerful vision of financial transparency and efficiency. You see, I had recently returned to Estonia, seeking some tranquillity after years of working in finance at places like Bloomberg. Sven and Mait, on the other hand, have a knack for simplifying complex processes and turning them into user-friendly IT systems. It was a perfect blend of expertise and timing. The journey has been intense, but our vision was crystal clear: we didn't want to be just another player; we aimed to be a game-changer.
Chronicle.lu: What brought your company to Luxembourg?
Artur Reiter: Starting up and creating a top-notch tech product is a breeze in Estonia. The place is amazing, especially for tech ventures. But as your product matures, you need to be where your customers are. Estonia, with its population of 1.3 million, isn't exactly a primary market for our ambitions. We're thinking globally. And this is the reason why Luxembourg was the natural next step for Depowise, which provides solutions to the asset servicing sector. Luxembourg is like the beating heart of European asset servicing. It's got solid regulations, deep knowledge of the funds industry, advanced financial infrastructure and a network of industry connections. The Luxembourg House of Financial Technology (LHoFT) played a crucial role in smoothing our transition, and we're truly grateful for their support.
Chronicle.lu: What makes your company and its offer unique?
Artur Reiter: Our strength goes beyond just digitalisation and automation - it's about delivering tangible profitability enhancements to our clients. We're not just transforming operations, we're boosting bottom lines. And this isn't just us making a claim; our clients have experienced efficiency surges of up to 82% compared to their pre-Depowise operations. In a market filled with tech upgrades, the real question for buyers is the return on their investment. What sets Depowise apart is that we don't just offer a product, we offer a path to profitability.
Chronicle.lu: What is next for your company?
Artur Reiter: Our journey in Luxembourg has been remarkable, but it's just the beginning. We're focused on strengthening our presence in Luxembourg and nurturing talent. Europe is our primary growth zone, with a keen eye on expanding into London and Dublin. But our vision is far-reaching. We're setting our sights on Singapore and Hong Kong. There are clear parallels between these Asian markets and Europe, and our customers have made it abundantly clear that an Asian presence for Depowise isn't just beneficial, it's essential.
