Wealth8 teams up with WealthKernel to launch ethnic minority-focused investment app

Investing can often be a daunting mission to embark on, but WealthKernel’s latest partnership is hoping to tackle inequality in wealth management access.

Investment platform for black and multi-ethnic communities Wealth8 is now using WealthKernel’s APIs to launch its own investment app.

Headquartered in the UK, Wealth8 is a wealth management platform aimed at providing traditionally underserved communities with access to wealth and investment opportunities.

“We believe that investing and building wealth should be for everyone. It's time to bridge the wealth gap for those who have been traditionally overlooked or underserved in the area of investments,” David Fisayo, COO and co-founder of Wealth8, said.

“To celebrate our launch and black history month, we are running a #MyWealthIs campaign to document the black wealth experience with unscripted reflections on what wealth means within the black community—taking the opportunity to put a positive light on wealth creation within the black community.”

Wealth8 will use WealthKernel’s financial APIs to transfer its desktop investing platform to an app, allowing its customers to seamlessly open stocks and shares ISAs, general investment accounts and invest in a range of portfolios from BlackRock.

“Wealth8 is a prime example of how we as an industry should be tackling conversations around wealth, equality and inclusion,” Karan Shanmugarajah, CEO of WealthKernel, added.

“By helping bring more financial businesses like Wealth8 to market, we can bring investment and wealth creation services to underserved communities, while challenging the misconceptions that wealth management should be limited to those with significant amounts of money.”

Just two weeks ago, WealthKernel also teamed up with Claro Money, a new digital financial coaching app, to help launch its new financial app in the UK.

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.