WealthKernel partners with Claro Money to launch financial coaching app
The financial coaching app will use WealthKernel as a regulatory umbrella to launch its services in the UK.
With investing on the rise, more and more fintechs are looking for ways to get on the market as quickly as possible, and Claro Money has partnered with WealthKernel to do so.
Claro Money is a new digital financial coaching app that will give retail investors expert insights into the world of trading and investing.
“At WealthKernel, we are helping to dramatically reduce the cost of investment infrastructure for fintechs to make it as easy as possible for them to bring their services to market,” Karan Shanmugarajah, CEO of WealthKernel, said.
“This means companies like Claro Money can focus on their vision of overhauling the way people save & invest and gain access to financial support, while WealthKernel handles the heavy lifting associated with the technology and regulatory compliance.”
According to research from Claro Money, more than a third of people under 35 are “perpetually poor”, despite earning £40,000 or more—a section of the market the new fintech is hoping to corner.
By offering affordable, quality coaching, Claro Money hopes to provide financial support to those who need it.
“When looking for a technology partner, we were ultimately looking for someone with a willingness to help us disrupt the industry, which the team at WealthKernel certainly has,” Rob Brockington, CEO of Claro Money, added.
“By eliminating the stress associated with the infrastructural side of things, we’ve been able to launch a product that will help to democratise and disrupt the traditional financial advice space and tackle the growing gap which needs to be addressed at a societal level.”
Earlier this year, WealthKernel also launched its own SIPP (self-invested pension plan) offering and a new API to help its customers launch and build Junior Individual Savings Accounts (JISA) products with ease.
The wealthtech provider also partnered with US-based Sharia-compliant investment app Wahed to help the app launch in the UK.
WealthKernel is a portfolio company of ETFS Capital, the owner of AltFi and ETF Stream.