By Aisling Finn on Tuesday 21 January 2020
WealthKernel will use funds to innovate and democratise wealth management.
WealthKernel, the digital wealth and technology provider, has secured a £4.5 million (US$6 million) Series A investment from investment company ETFS Capital.
With the funding, WealthKernel hopes to innovate and democratise wealth management.
Through its signature application programming interface (API) and modular architecture, WealthKernel is delivering wealth management services to smaller, non-traditional clients, that would otherwise not be commercial.
The investment by ETFS Capital will accelerate development and functionality and service a greater number of clients.
Since its foundation in 2015, the company has gone from strength to strength with this latest round of funding being directly used to “invest in the team, grow operations and put more time and effort into building the team up to democratise wealth services and to help people become more financially literate.”
This injection of capital not only helps WealthKernel but, also contributes to the development of the East Midlands’ burgeoning tech industry.
WealthKernel is now one of many tech companies choosing to base its development teams in the region, alongside a London office, encouraging growth in the local fintech industry.
According to Karan Shanmugarajah, CEO of WealthKernel “the current industry is built on leaky legacy pipes and that leakage directly impacts the savings and pensions of millions of people, particularly those with smaller sums of money.”
Graham Tuckwell, Chairman of ETFS Capital, echoes this sentiment as “too many people are denied access to credible investment services, because they cannot be provided efficiently enough. We believe WealthKernel has the vision and technology to change this for everyone’s benefit.”
WealthKernel is the custodian for millions of pounds for thousands of retail clients in the UK and across Europe and the most recent investment is sure to only increase their reach.