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WealthKernel further extends Series A by £6m

With this latest capital injection, WealthKernel is looking to capitalise on European demand for investment infrastructure

WealthKernel Team

WealthKernel

Digital wealth and tech provider WealthKernel has raised a £6m extension to its Series A funding round.

The funding was led by ETFS Capital, which has backed WealthKernel since 2018, with additional participation from XTX Ventures.

With this extra capital, WealthKernel says it will strengthen its presence in the wealth management and advisor markets, with a move into Europe where there is demand for investment infrastructure solutions.

“This funding comes at a time of rapid growth for WealthKernel,” Karan Shanmugarajah, CEO of WealthKernel, said.

“We have been expanding our services rapidly over the last few months, with our newest entry into the US equities market.”

In December WealthKernel added US equity trading to the list of services it offers, putting it in direct competition with the likes of major US wealthtechs like DriveWealth and Alpaca.

WealthKernel first raised £4.5m in 2020 for its Series A led by ETFS Capital and later extended this with $7m in 2022 led by XTX Ventures.

“The new funding will help fuel our commitment to strengthening our market presence and continue to bring innovative solutions to the wealth management industry,” added Shanmugarajah.

WealthKernel is a portfolio company of ETFS Capital, the owner of AltFi and ETF Stream.

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