Wealth Reader: The Desafía Program startup redefining banking data access

29.11.2024 15:03, Rita Longobardi

Meet David Lozano, CEO of Wealth Reader. In December, David and the other eight Desafía Team members will participate in a two-week immersive business program across Zurich, Bern, St Gallen, and Lausanne to establish sustainable growth pathways in Switzerland's innovative ecosystem.

Name: David Lozano
Location: Madrid, Spain
Nationality: Spanish
Graduated from: Universidad Pontificia de Salamanca
Job title: Founder, CEO and CTO
Number of employees: 8
Money raised: EUR 680.000

David Lozano is an experienced entrepreneur with a background in database administration and software development. Certified in MCSA SQL Server, Oracle, and various Microsoft and IBM technologies, he began his career at companies like Roche and IBM before founding Afterbanks in 2012, a banking aggregation and payment initiation firm acquired by Indra in 2019. Now CEO of Wealth Reader, a fintech focused on open banking, David is recognized for his strategic problem-solving and commitment to innovation in financial technology.

Can you tell us who your product or solution helps, and how?
Wealth Reader streamlines financial data management for banks, wealth managers, and businesses by automating data aggregation across accounts, portfolios, and debts. This reduces manual errors, saves time, and enhances reporting accuracy. Beyond consolidation, it supports scoring analysis and ERP integration, enabling professionals to focus on personalized advice and strategic decisions, improving efficiency, transparency, and client satisfaction.

What market are you addressing and what is the potential of your startup in that market?
Wealth Reader is focused on the private banking market, addressing a critical need for efficient financial aggregation and reporting. We've demonstrated our impact by solving this problem in Spain, and now we're poised to bring these solutions to Switzerland, to address similar needs across global financial hubs. The potential for Wealth Reader in private banking is significant. Demand is rising for fintech solutions that streamline financial data management, automate manual processes, and reduce errors. Our technology is tailored for global scalability, beginning with targeted expansion in the EU and Switzerland.

What are your team’s key achievements to date?
Our team has achieved key milestones reflecting our expertise and growth in finance. We secured €500,000 in initial funding, supplemented by €180,000 from ENISA, and obtained ISO-27001 certification from AENOR, affirming our commitment to data security. We onboarded our first customers, established connections with 150 banks, and expanded our client base to 30. Earning a license from the Bank of Spain validated our regulatory compliance and credibility, reinforcing our position as a trusted fintech provider.

What do you expect from Desafìa, and how will it help you achieve your vision?
From Desafía, we expect to gain strategic insights and networking opportunities that align with our growth and expansion goals. Participating in this program will provide us with the mentorship needed to navigate the complexities of the Swiss financial market and establish key partnerships. We believe that the support from ICEX will be instrumental in optimizing our product offerings and scaling our operations effectively across European markets, ultimately helping us achieve our vision of becoming a leading provider in the global financial aggregation industry

Why Switzerland represents a great opportunity for you?
Switzerland represents a great opportunity for Wealth Reader due to its robust financial sector and progressive stance on financial technology and innovation. The country's strong regulatory framework and high concentration of wealth management services provide an ideal environment for our services. Additionally, Switzerland's strategic location and its role as a financial hub in Europe make it a perfect entry point for expanding our operations and accessing new customer segments within the private banking sector, aligning with our growth and innovation goals.