Luxembourg’s banking sector is counting on two European fintechs, Depowise and Altilia, to bring much-needed innovation and digitalisation across the industry.
The two won Luxembourg’s first Catapult programme, Catapult: BankTech, organised by ABBL’s Depositary and Custodian Banking Cluster (DBCL) and the Luxembourg House of Financial Technology (LHoFT).
Luxembourg is the world’s second-largest fund hub, with €7.54 trillion in assets under depositary and €3.95 trillion in assets under custody. This success is thanks in large part to its depositary banks, which safeguard investors’ assets, oversee fund administration, and ensure regulatory compliance. working on investment and securities. However, they face increasing complexity, market fragmentation, and regulatory pressure.
“We have identified three transformative levers that will shape the next chapter of depositary banking. By embracing digital standardisation, AI-powered data intelligence, and automated risk-based oversight, the sector is positioning itself at the forefront of innovation and trust,” underlines Ananda Kautz, Member of ABBL’s Management Board.
The Catapult Programme is a series of fintech development programmes, combining mentoring, workshops and networking to help innovators enter the market and grow. First founded in 2018, it was adapted for the depositary banking industry in Luxembourg to deliver concrete results.
“The programme addressed concrete industry challenges and showcased solutions that will help Luxembourg’s financial sector continue to evolve and remain competitive,” said LHoFT CEO Nasir Zubairi.
Estonian fintech Depowise was founded in 2021 and provides depositary oversight and automated solutions for banks, fund administrators and depositaries. According to the company, it currently serves 21 banks and institutions across eight jurisdictions with more than 2,500 funds serviced. The company previously told Silicon Luxembourg that it aims to become a unicorn within seven years and plans to expand into the UK, Ireland and Asia.
“This initiative allowed us to validate our product–market fit and ensure that our roadmap effectively addresses the core challenges faced by depositaries,” said Depowise Managing Director Melanie Moos, adding: “It was also an excellent opportunity to connect with key industry stakeholders and peers across the sector.”
Italian deeptech Altilia was founded in 2010 as a spin-off of the Italian National Research Council (CNR). Their core product is a “no‑code/low‑code” AI platform focused on Intelligent Document Processing (IDP), Intelligent Process Automation, Decision Intelligence. They target documents‑intensive workflows and unstructured data in the financial services, insurance, legal and public sector.
Massimo Ruffolo, Founder of Altilia, said: “Altilia is honored to have won the Catapult: BankTech – Depositary Banking Edition 2025 and extends its gratitude to the organisers and participating depositary banks, whose insights confirmed that its Agentic AI Platform effectively addresses the industry’s operational needs.”
Catapult: BankTech began in February 2025 with a stakeholder consultation. A call for applications in July with the winners announced at the end of October.
