WealthKernel lands $7m fundraise, plots European expansion
The funds will be used to expand into new European markets, grow its team, and support the integration of intraday trading into its offering.
Digital investment services provider WealthKernel has raised $7m, as it looks to expand its API-driven technology across Europe and set up a new European headquarters in Spain.
The $7m Series A+ fundraise is in addition to a $6m Series A raise it carried out in 2020.
WealthKernel, which has offices in London and Nottingham, supplies infrastructure for companies looking to offer digital wealth investment services.
It says that its API platform equates to a one-stop-shop for firms looking to make hay in digital wealth. Its infrastructure helps with areas such as client onboarding, brokerage and trading.
WealthKernel's clients include Claro Money, the financial planning app and Wahed, the ethical investment platform.
The funds will be used to expand into new European markets, bolster its team, and support the integration of intraday trading into its offering.
He said: “We haven’t settled on a home market, but Spain is the one we are leaning towards. We have staff there and it is a culture fit for us. Spain, we feel is a good way to expand into Europe and Latin America.
“It’s one of those large countries that not a lot of fintechs go there, so there is a good pool of talent compared to going to the Netherlands or Ireland where a lot of companies like to.
"In London, there is far too many qualified Spanairds doing underemployed jobs here.”
The funding round was led by XTX Ventures, the venture capital arm of XTX Markets, with investment also from Digital Horizon, Big Start Ventures, and WealthKernel’s existing lead investor, ETFS Capital.
Shanmugarajah added: "Our investors’ backing will not only help us bring our product to a wider audience and expand our platform, but also achieve our goal of becoming the leading provider of API-based wealth and investment infrastructure across Europe.
“Despite its challenges, the past year has seen our business and sector thrive, demonstrating the increasing demand for investment services from businesses and their customers alike, and the growing shift to digital wealth.
“Our core ambition is to lower the barriers of access to investment and wealth services for everyone.”
WealthKernel is a portfolio company of ETFS Capital, the owner of AltFi and ETF Stream.