By Aisling Finn on Wednesday 21 July 2021
There has been a surge in demand for JISAs since the government doubled the tax-free allowance from £4,500 to £9,000 earlier this year.
Junior accounts are a badge of honour for many fintechs and investment infrastructure provider WealthKernel has now made it even easier.
WealthKernel has introduced a new API to help its customers launch and build Junior Individual Savings Accounts (JISA) products with ease.
The new API will enable customers to seamlessly launch JISAs for their users, eliminating the need to build the infrastructure in-house and accelerating the speed at which they can deploy new products.
“It’s incredibly exciting to be able to announce our new JISA API functionality for our customers - particularly at a time where people are becoming increasingly focused on their children’s financial futures,” Karan Shanmugarajah, CEO and founder of WealthKernel, said.
“JISAs are a hugely powerful vehicle for parents and other family members to help set up the future of their children, and here at WealthKernel, we want to help enable this future by empowering the businesses offering these products.”
The new product comes after increased demand for JISAs as the government increased the tax-free allowance from £4,500 up to £9,000 earlier on this year.
One of the first customers to use the new tool is Hapi, the investment service for children’s futures.
“Working with WealthKernel has really enabled us to push the limits on what we can do with our Junior ISA product. With Karan and his team’s guidance, we’ve been able to take the innovative approach that Hapi has always strived for,” Youssef Darwich, co-founder of Hapi Plan, said.
“One such innovation that WealthKernel supported us with, was the ability for any family member to contribute to our JISAs, instantly and seamlessly.”
Through using WealthKernel’s new API, Hapi can help parents and guardians safeguard their children’s money with the new readily available JISA.
Founded in 2015, WealthKernel has a host of fintechs on its books, including wealth management and e-money account provider Ikigai.