Deutsche Effecten -und Wechsel Beteiligungsgesellschaft

What Deutsche Effecten -und Wechsel Beteiligungsgesellschaft does

Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG (DEWB) is a listed private equity holding company headquartered in Jena, Germany, founded in 1872 (with operations as a PE firm since the late 1990s). The company operates an evergreen investment model through which it acquires minority strategic stakes (target minimum 25%) in asset management and fintech companies whose technologies drive digitalization of the financial sector. Typical investment tickets range from EUR 1 to 7 million per company, and DEWB has invested more than EUR 390 million across 65 companies over the past 20+ years, realizing over EUR 520 million through 52 exits including 9 IPOs.

DEWB's core holding is LAIQON AG, a listed non-captive multi-asset manager that reached the EUR 10 billion Assets under Management milestone in 2025 and whose LAIC subsidiary provides proprietary AI-driven portfolio management technology with a 5-year track record. The remaining core portfolio comprises The NAGA Group AG (a multi-asset SuperApp with over 2.5 million registered users and Telegram integration), aifinyo AG (B2B digital financing for SMEs and freelancers), Stableton Financial AG (a European marketplace for private-market investments with over USD 860 million in managed volume), and Cashlink Technologies GmbH (a blockchain-based tokenization infrastructure provider built on Stellar). The firm is publicly traded on XETRA and the Frankfurt Stock Exchange Open Market (ticker EFF0.DE; ISIN DE000A41YCR9 after a 10:1 reverse split effective January 2026), with a small staff (1–10 employees) led by CEO Bertram Köhler and CFO Marco Scheidler.

DEWB's economics derive from capital gains on portfolio exits (one exit in 2025 generated EUR 2.0 million in inflows and EUR 0.3 million in income), dividend and distribution income from operating holdings (LAIQON is targeted for dividend capability in 2026), and interest income from convertible and corporate bonds (a EUR 4 million 4.5% convertible 2025/2030 and a EUR 10 million 8.0% corporate bond 2023/2028). The company reported a EUR 5.6 million net loss in FY2025 (versus a EUR 1.5 million loss in FY2024), reflecting EUR 3.8 million in portfolio value adjustments, primarily on aifinyo. DEWB's investment portfolio was marked at EUR 28.0 million at year-end 2025, down from EUR 30.6 million at year-end 2024.

Name

Deutsche Effecten -und Wechsel Beteiligungsgesellschaft

Legal name

Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG

Website

https://dewb.de/

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG is a listed German private equity firm holding strategic minority stakes in asset management and fintech companies, primarily anchored by multi-asset manager LAIQON AG.

Ownership category

akta.pro rank

Headquarters

HQ city

Jena

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Investment Returns (Exit Proceeds): DEWB generates returns through capital gains from exits of portfolio companies. Over the past 20+ years, the company has invested EUR 390+ million in 65 companies and realized EUR 520+ million through 52 exits, including 9 IPOs. Investment amounts are EUR 1-7 million per company with minimum 25% ownership target.
2. Portfolio Dividends and Distributions: DEWB earns dividend income and distributions from its operating portfolio companies, particularly its core holding LAIQON AG. LAIQON plans to achieve dividend capability in 2026, which would generate recurring liquidity flows to DEWB.
3. Asset Management and Wealth Management Fees (via LAIQON): DEWB's core holding LAIQON generates fee income from assets under management across three segments: Asset Management (management fees, performance fees), Wealth Management, and Digital Wealth. AuM reached EUR 10+ billion in 2025 with revenues of EUR 10.6 million in Q1 2026.
4. Financing Income / Interest: DEWB earns interest and financing income from its loan positions and convertible bond instruments, including a 4.5% convertible bond 2025/2030 (EUR 4 million) and an 8.0% corporate bond 2023/2028 (EUR 10 million).

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

DEWB is a listed private equity and holding company that invests equity capital in asset management and fintech companies whose technologies drive digitalization of the financial industry. Investments are typically EUR 1 to 7 million per company for a minimum 25% ownership stake under an opportunistic buy-and-build approach. The firm pursues exits via IPOs, mergers, MBO, MBI, LBO, and trade sales.

Product overview

Deutsche Effecten- und Wechsel-Beteiligungsgesellschaft AG (DEWB) is a listed private equity company with an investment focus on asset management and fintech companies. DEWB's portfolio consists of five core holdings: LAIQON AG (core holding, listed non-captive multi-asset manager), LAIC Capital GmbH (WealthTech subsidiary of LAIQON), aifinyo AG (B2B fintech), Stableton Financial AG (private markets platform), Cashlink Technologies GmbH (tokenization/RegTech), and The NAGA Group AG (neobroker/SuperApp). The portfolio companies offer AI-powered investment management (LAIQON/LAIC), digital financial services (aifinyo), private market investments (Stableton), asset tokenization (Cashlink), and multi-asset trading platforms (NAGA).

Differentiator

Problem solved

Functional benefit

Products and services

• DEWB Equity Investment Program Long-term equity financing for asset management and fintech companies, typically EUR 1 to 7 million per investment with a minimum 25% ownership stake, pursued under an opportunistic buy-and-build approach with no defined holding period.
• DEWB Listed Shares (ISIN DE000A41YCR9) Bearer shares of DEWB traded on XETRA and Frankfurt Stock Exchange Open Market under ticker EFF0.DE, providing retail and institutional investors with liquid access to the firm's private equity exposure. Share capital of EUR 1,675,000 following the 10:1 reverse stock split effective January 8, 2026.
• DEWB Convertible Bond 2025/2030 (4.5%) Five-year convertible bond with EUR 4.0 million total volume, 4.5% annual coupon, EUR 1,000 denomination, and initial conversion price of EUR 1.50 per share. Placed to institutional investors in June 2025.
• DEWB Corporate Bond 2023/2028 (8.0%) Five-year corporate bond with total nominal volume of EUR 10.0 million, 8.0% annual coupon, maturing June 14, 2028. Listed on Frankfurt Stock Exchange and Boerse Hamburg, distributed via exchange offer and private placement.

Quantifiable outcome

• EUR 10.0 billion AuM reached by core holding LAIQON AG in 2025 (up from EUR 6.5+ billion in 2024)
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered minor, core and major.

• FINEXITY GroupminorStrategic or Co-development Partner · 13 April 2026Cashlink Technologies, FINEXITY Group, and Tangany jointly implemented an infrastructure project for tokenized securities on the Stellar blockchain, funded by the Stellar Development Foundation.
• AmundicoreStrategic or Co-development Partner · 20 November 2025LAIQON AG (DEWB's core holding) entered a strategic partnership with Amundi, Europe's largest asset manager, to launch an actively managed AI-optimized ETF for European equities, planned for H1 2026. The product will be distributed via Amundi's ETF-as-a-Service platform, targeting institutional and retail investors.
• MainFirst Affiliated Fund Managers GmbHcoreStrategic or Co-development Partner · 3 July 2025LAIQON AG acquired up to EUR 2.5 billion in AuM from MainFirst's portfolio of public and special funds. This acquisition significantly scaled LAIQON's Asset Management segment, contributing to the AuM reaching EUR 10 billion milestone.
• Axel Hörger (former CEO UBS Deutschland AG)majorStrategic or Co-development Partner · 1 March 2025Former CEO of UBS Deutschland AG and former CEO of Lombard International Assurance joined LAIQON as Senior Advisor to the Board from March 2025, then as Chief Strategy Officer and Board member from January 2026, bringing 30+ years of financial industry expertise and leadership.
• Union InvestmentcoreStrategic or Co-development Partner · 1 December 2024Union Investment partnered with LAIC (LAIQON subsidiary) to launch 'WertAnlage', one of Germany's first AI-based discretionary portfolio management solutions for upscale private banking clients of Volks- und Raiffeisenbanken. Distribution began October 2024. This is a flagship white-label partnership bringing significant AuM growth to LAIQON.
• Borussia Dortmund (BVB)minorGTM or Marketing Partner · 4 September 2024NAGA Group entered a sponsorship partnership with Borussia Dortmund (BVB) football club for the 2024/2025 and 2025/2026 Bundesliga seasons, gaining rights to use BVB partner logos and player imagery in marketing materials on multiple markets.
• meine Volksbank Raiffeisenbank eG, RosenheimmajorChannel Partner/ Reseller/ Distributor · 1 September 2024LAIQON deepened its partnership with this regional cooperative bank through a Letter of Intent for expanded white-label wealth management services for upscale private banking clients. The bank also made a direct equity investment in LAIC Capital GmbH.
• mwb fairtrade Wertpapierhandelsbank AGmajorChannel Partner/ Reseller/ Distributormwb fairtrade acts as Designated Sponsor for DEWB shares on XETRA and Frankfurt Stock Exchange, providing liquidity and supporting trading for both institutional and retail investors.
• Florian BarberminorStrategic or Co-development PartnerFormer DJE Capital AG sales executive joined LAIQON as Bereichsvorstand (Division Board Member) Sales & Marketing from October 2024, bringing extensive network in the German asset management wholesale and retail distribution channel.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Deutsche Beteiligungs AG: German listed private equity firm operating under a similar Evergreen model, providing equity capital to mid-market companies. Directly comparable on structure (Frankfurt-listed AG), geography, and the listed-PE-with-daily-liquidity proposition, though DBAG focuses on broader industrial mid-market rather than fintech/asset management.
• Heliad Equity Partners: Frankfurt-listed investment company with a comparable Evergreen structure investing in German SMEs and growth companies. Direct peer on listed-investment-AG model, small-cap profile, and exposure to German Mittelstand; differs from DEWB in its broader sector focus versus DEWB's fintech/asset management specialization.
• Aurelius AG: German listed special-situations investment company with multiple Evergreen-style listed vehicles. Direct peer on Frankfurt-listed PE structure, opportunistic approach, and concentration in European small/mid-cap opportunities; operates at larger scale than DEWB.
• Mutares SE & Co. KGaA: Frankfurt-listed private equity firm specializing in turnaround and special-situations investments in mid-market companies. Direct peer on listed-PE structure and German mid-market focus; differs by specializing in carve-outs/distressed rather than growth fintech.
• Mountain Alliance AG: Munich-listed investment company focused on digital business models and technology-driven companies in German-speaking markets. Direct peer on small-cap listed Evergreen structure with a comparable technology/digital focus, though with broader sector exposure than DEWB's financial-services emphasis.

Emerging players

• FinLab AG: Frankfurt-listed incubator/investor focused on fintech and blockchain startups. Highly comparable investment thesis (German fintech focus) and listed structure, though operates more as incubator than buy-and-build PE; Stefan Schütze (DEWB Deputy Chairman) previously sat on FinLab's board.
• C3 Management GmbH: Frankfurt-based asset manager focused on venture capital funds, managed by Stefan Schütze (DEWB's Deputy Chairman). Overlapping ecosystem participant in German listed-investment-AG space with VC fund-of-funds expertise, though operating as a fund manager rather than a public holding company.

Others

• Lloyd Fonds AG (now LAIQON AG): DEWB's own core holding that was acquired as a strategic stake in 2018 and renamed to LAIQON. Provides context for DEWB's largest value driver rather than serving as a true peer; overlaps with listed asset managers and is itself a public German multi-asset manager.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Deutsche Effecten -und Wechsel Beteiligungsgesellschaft