NaroIQ
NaroIQ provides API-first, cloud-native digital infrastructure that enables European capital management companies, KVGs, banks, insurers and asset managers to launch and manage their own ETFs and funds, combining its core platform with the NaroIX indexing engine and BaFin-regulated NaroAM subsidiary.
- Company typePrivate
- Founded2022
- HeadquartersKöln, Germany
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What NaroIQ does
NaroIQ GmbH is a Cologne-based FinTech founded in 2022 by Chris Püllen and Nils Krauthausen that builds API-first, cloud-native digital infrastructure enabling European capital management companies, KVGs (Kapitalverwaltungsgesellschaften), fund initiators, banks, insurers and asset managers to launch and manage their own ETFs, MMFs and funds without building proprietary technology stacks. The platform connects all moving parts of the ETF value chain through secure interfaces and automated workflows, coordinating market makers, KVG, transfer agents, fund administrators and depositaries while delivering basket management, intraday NAV, liquidity control, AP coordination, iNAV calculation and Portfolio Composition File delivery.
The product ecosystem comprises the core NaroIQ Platform, the NaroIX in-house indexing engine (operating as a separate subsidiary, BaFin-registered as a benchmark administrator under EU BMR) and the BaFin-regulated NaroAM subsidiary authorized as an investment firm under the German Investment Firms Act (WpIG). Together the group holds five BaFin licenses and ESMA registrations. Live index products include the TEQ General Artificial Intelligence Index (launched December 16, 2024 with 94 constituents across GTR, NTR and PR variants) and the Top 5 Digital Assets ETP Index (launched April 30, 2026).
NaroIQ generates revenue through enterprise platform subscriptions, index calculation and licensing services, and managed portfolio services via NaroAM, on undisclosed custom annual contracts. Distribution runs through flagship ManCo/KVG channel partnerships — Hauck & Aufhäuser Fund Services (€110 billion AuS), First Private Investment Management (€3.4 billion AuM), Acatis Investment, DZ PRIVATBANK and IPConcept — alongside direct sales to fund providers and investment boutiques. Total disclosed funding is approximately $9.5 million across a $3M pre-seed (March 2023, led by La Famiglia/General Catalyst and Discovery Ventures) and a $6.5M seed (June 2025, led by Magnetic and Redstone), with three live ETFs currently running on the platform.
NaroIQ firmographics
Firmographics- Name
- NaroIQ
- Legal name
- NaroIQ GmbH
- Website
- https://naroiq.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- NaroIQ provides API-first, cloud-native digital infrastructure that enables European capital management companies, KVGs, banks, insurers and asset managers to launch and manage their own ETFs and funds, combining its core platform with the NaroIX indexing engine and BaFin-regulated NaroAM subsidiary.
- Ownership category
- akta.pro rank
NaroIQ industry classification
Industry- Product category
- ETF and fund infrastructure technology
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)
- SIC
- Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Fund Accounting & NAV Calculation (FSAAAMAB)
- akta.pro secondary industries
- Fund Accounting & NAV Services (Asset Servicing) (FSAAAOAF), Fund Services & NAV Support (Fund Accounting Interfaces) (FSAFALAJ)
Keywords
Where NaroIQ is headquartered
LocationHeadquarters
- HQ city
- Köln
- HQ country
- Germany
- HQ region
- Europe
Offices1 record
Markets served
NaroIQ business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- ETF Infrastructure Platform Services: NaroIQ provides digital infrastructure enabling companies to launch and manage ETFs. Revenue is generated through technology platform fees and services provided to capital management companies and ETF initiators who use the platform to issue and manage ETF products.
- Index Calculation Services: The in-house indexing engine NaroIX delivers custom indices aligned with ETF setups. This includes index calculation, methodology management, and index administration services under EU BMR compliance.
- Portfolio Management Services: NaroAM subsidiary can take over ETF management under full regulatory oversight if desired, providing portfolio management services to fund providers.
- Regulatory Services: Full suite of technological to regulatory services required to launch an ETF, including investment brokerage, index calculation, and portfolio management through BaFin-regulated subsidiary.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Custom enterprise pricing based on service scope |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels5 records
NaroIQ product offering
Product offeringCore offering
NaroIQ provides a modular, API-first digital fund infrastructure platform that enables capital management companies, KVGs, banks, insurers, and asset managers to launch and manage their own ETFs and funds. The platform connects market makers, transfer agents, fund administrators, and depositaries through secure interfaces and automated workflows covering basket management, intraday valuations, liquidity control, AP coordination, iNAV calculation, and PCF delivery, all built to BaFin and ESMA standards. Its in-house NaroIX indexing engine and BaFin-regulated NaroAM subsidiary provide index calculation and portfolio management services to round out the offering.
Product overview
NaroIQ is a modular digital fund infrastructure platform for ETF issuance and management in Europe. The core platform enables companies to launch and manage ETFs and funds through secure interfaces and automated workflows. The ecosystem includes: NaroIX (in-house indexing engine for custom indices), BaFin-regulated NaroAM subsidiary (providing investment firm services), and live ETF products built on these components. The platform connects capital management companies and ETF initiators to service partners, exchange listings, and distribution channels while ensuring BaFin and ESMA compliance.
Differentiator
Problem solved
Functional benefit
Brands
- NaroIX: In-house indexing engine of NaroIQ that delivers indices fast, digitally and aligned with individual ETF setups.
- NaroIQ
Products and services
- NaroIQ Platform Modular, API-first digital fund infrastructure platform that enables capital management companies, KVGs, banks, insurers and asset managers to launch and manage ETFs and funds. Coordinates the full ETF value chain including basket management, intraday valuations, liquidity control, AP coordination, iNAV calculation and PCF delivery.
- NaroIX Indexing Engine In-house indexing engine delivering custom indices that are fast, digital, and fully aligned with individual ETF setups, with EU Benchmark Regulation compliant equity indices including the TEQ General AI Index variants and Top 5 Digital Assets ETP Index.
- Top 5 Digital Assets ETP Index Index (ISIN: DE000A4AUZX7) providing diversified exposure to the five largest investable cryptocurrencies via physically backed, institutional-grade ETPs on regulated European trading venues.
- TEQ - General Artificial Intelligence Index Index tracking publicly listed companies relevant to the development and commercialization of General Artificial Intelligence, available in three variants: GTR (Gross Total Return), NTR (Net Total Return), and PR (Price Return).
- NaroAM Regulated Investment Services BaFin-regulated investment firm subsidiary providing the full suite of technological-to-regulatory services required to launch an ETF, including investment brokerage, index calculation and portfolio management under regulatory oversight.
Quantifiable outcome
- Reduces costs and operational complexity of ETF issuance
- +2 more outcomes
Companies that use NaroIQ
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
NaroIQ technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
NaroIQ partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and flagship.
- DZ PRIVATBANK and IPConceptcoreDZ PRIVATBANK and IPConcept partnership announced for ETF issuance. DZ Privatbank bringing proprietary active ETF platform to market with NaroIQ technology.
- First Private Investment ManagementcoreStrategic technology partnership for active ETFs and ETF share classes for UCITS funds. First Private uses its own German ManCo license with NaroIQ's digital infrastructure. First ETF launch planned for H2 2026. Manages €3.4 billion in assets.
- Hauck & Aufhäuser Fund Services S.A.flagshipFirst ManCo partner; HAFS expanded its offering to include launch and administration of active and passive ETFs using NaroIQ's digital infrastructure. NaroIQ standardizes interfaces and processes between market makers, KVG, and transfer agent. First ETFs to be listed within the year. HAFS Group manages €110 billion in assets.
- Acatis Investment KVG mbHcoreCapital management company partnership for ETF issuance; Acatis Altersvorsorgedepot ETF launched live on NaroIQ platform.
Scale indicators7 records
Recent moves8 records
Expansion highlights5 records
NaroIQ competitors and assessment
Company assessmentDirect peers
- HANetf: HANetf is a European white-label ETF and ETP platform that enables asset managers to launch branded ETFs without building proprietary infrastructure — a directly comparable model to NaroIQ's white-label ETF issuance stack for European fund providers.
- Tabula: Tabula is a European thematic ETF issuer built on a partner-friendly infrastructure model — closely comparable to the live thematic ETFs (TEQ AI) running on NaroIQ's platform and illustrating the same boutique-to-ETF pipeline.
- Solactive: Solactive is a German index provider offering custom and thematic indices with BMR-compliant administration, directly overlapping with NaroIQ's NaroIX indexing engine and benchmark administration business.
- Kneip: Kneip provides fund data management, reporting, and regulatory communications software to asset managers and service providers, comparable to NaroIQ's digital reporting and compliance components in the ETF administration stack.
- Confluence Technologies: Confluence provides fund administration, regulatory reporting, and analytics software to asset managers and service providers, directly comparable to NaroIQ's modular fund infrastructure platform targeting ManCos.
- Calastone: Calastone operates a global fund transaction network connecting ManCos, transfer agents, and distributors, comparable to NaroIQ's API-first integration of transfer agents, depositaries, and market makers in the ETF value chain.
- Boost ETP: Boost ETP is a white-label ETP platform enabling issuers to launch exchange-traded products on its infrastructure, directly comparable to NaroIQ's ETP/ETF issuance model, particularly relevant given NaroIX's Top 5 Digital Assets ETP Index.
Broad incumbents
- Clearstream (Deutsche Börse): Clearstream is a major post-trade and fund services infrastructure provider covering settlement, custody, and fund distribution across Europe, representing the incumbent-scale counterpart to NaroIQ's digital fund infrastructure offering.
- Allfunds: Allfunds is a leading B2B fund distribution and processing platform with broad European ManCo coverage, sitting in the same fund infrastructure value chain that NaroIQ is digitizing for ETF issuance and administration.
- MFEX (Euronext): MFEX, owned by Euronext, provides a cross-border mutual fund platform for distribution and order routing, comparable to NaroIQ's ambition to become the digital coordination layer across the European fund value chain.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
NaroIQ social profiles
Digital presenceNaroIQ compliance and trust
Trust signalCompliance3 records
NaroIQ financial estimates
Financial estimateRevenue estimate
Valuation estimate
NaroIQ leadership team
Management profileNumber of profiles
Profiles7 records
NaroIQ subsidiaries and ownership
Company hierarchySubsidiaries2 records
NaroIQ funding detail
Funding detailFunding overview
Funding rounds2 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NaroIQ M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NaroIQ
What does NaroIQ do?
NaroIQ provides a modular, API-first digital fund infrastructure platform that enables capital management companies, KVGs, banks, insurers, and asset managers to launch and manage their own ETFs and funds. The platform connects market makers, transfer agents, fund administrators, and depositaries through secure interfaces and automated workflows covering basket management, intraday valuations, liquidity control, AP coordination, iNAV calculation, and PCF delivery, all built to BaFin and ESMA standards. Its in-house NaroIX indexing engine and BaFin-regulated NaroAM subsidiary provide index calculation and portfolio management services to round out the offering.
Is NaroIQ a public or private company?
NaroIQ is a private company. It is classified as venture growth investor backed and is currently operating.
When was NaroIQ founded?
NaroIQ was founded in 2022. It employs 11 to 50 people.
Where is NaroIQ based?
NaroIQ is headquartered in Köln, Germany, in the Europe region.
How does NaroIQ make money?
Four revenue lines are on record. ETF Infrastructure Platform Services are the primary driver. The others are index Calculation Services, portfolio Management Services and regulatory Services.
Who are NaroIQ's main competitors?
Direct peers on record are HANetf, Tabula, Solactive, Kneip, Confluence Technologies, Calastone and Boost ETP. Broad incumbents are Clearstream (Deutsche Börse), Allfunds and MFEX (Euronext).
Does NaroIQ have an API?
No public API is recorded for NaroIQ.
What industry is NaroIQ in?
NaroIQ's product category is ETF and fund infrastructure technology. Its primary akta.pro industry code is FSAAAMAB, Fund Accounting & NAV Calculation, with a secondary code of FSAAAOAF, Fund Accounting & NAV Services (Asset Servicing). Its NAICS code is 523940 and its SIC code is 6199.