Depowise Expands To UK And Ireland, Appoints New MD

Leonid Belov, Depowise’s newly appoined managing director for the UK and Ireland. (© Krõõt Tarkmeel)

Targeting a 10x increase in market share, the Estonian/Luxembourg fintech Depowise is expanding its operation to the UK and Ireland. Leonid Belov will take over as managing director of the region.

Founded in 2021, Depowise serves 7% of globally systemically important banks (G-SIBs). Their next-generation modular platform, initially for depositaries, now caters to the entire asset servicing and AIFM sector, including management companies, fund administrators, and depositaries. 

The Estonian-founded startup is now expanding into the United Kingdom and Ireland. The company aims to increase its current 5% market share tenfold in the domiciled funds market of Luxembourg, Ireland, and the UK, valued at more than €16.5 trillion.

Leading this significant expansion is Leonid Belov, the newly appointed Managing Director for the UK and Ireland. Belov brings a wealth of experience across front-to-back and cross-asset-class solutions, having worked in leading financial institutions such as BlackRock, State Street, MSCI, and Bloomberg.

“Having known Leo since our Bloomberg days, I have always admired his drive and insight. During one of our chats, I brought up my ambition to develop Depowise, and this resonated strongly with Leo, who thought we could disrupt the status quo and bring about meaningful change,” says Artur Reiter, Co-Founder and Co-CEO of Depowise.

“In Queen Elisabeth’s time, asset custody and oversight were managed primarily in Excel; in King Charles’s time, we aim to move it into Depowise, and by the time Prince William picks up the reigns, it will be largely driven by AI”

Leonid Belov, Managing Director for the UK and Ireland

The global asset servicing and management industries are in dire need of technological advancement. Based on discussions with Depowise clients and prospects, around a third of asset servicing and management companies in the UK and Ireland currently use multiple service providers to manage different parts of operations. 

Another third uses in-house solutions, and nearly every organisation still heavily relies on Excel. The market size for automation in this sector is projected to grow to over €7bn by 2027, and with no complete, end-to-end competitors, Depowise aims to become the market leader within five years.

“In Queen Elisabeth’s time, asset custody and oversight were managed primarily in Excel; in King Charles’s time, we aim to move it into Depowise, and by the time Prince William picks up the reigns, it will be largely driven by AI,” says Belov.

Depowise offers a comprehensive automation solution that streamlines compliance, oversight, safekeeping, reporting, and record-keeping tasks, significantly reducing manual efforts and inherent inefficiencies. Over the next five years, Depowise plans to achieve a volume of assets on the platform of €8 trillion and become a market leader.

With its innovative technology and strategic expansion, Depowise is aiming to reshape the asset servicing and management industry, making significant strides towards becoming a market leader in the UK and Ireland.

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