Instant Matching Deposits allows investors to instantly fund their accounts and begin trading without waiting days for payments to clear, and benefit from additional consumer protections and improved reliability.
ClearBank is powering the service by providing access to the Faster Payments Service scheme to speed transactions and Client Money Accounts to allow WealthKernel’s clients to automate reconciliations.
Using embedded banking technology to help financial service providers
By removing manual processes through the automated reconciliation and allocation of investments to the right account, the service improves scalability and reduces potential errors, in addition to accelerating retail customers’ investment journeys, says WealthKernel.
“WealthKernel prides itself on working with diverse businesses that are disrupting the investment sector and creating positive change, be it through the likes of ESG-focused investment programmes or by supporting demographics who are often underserved by existing products,” said Karan Shanmugarajah, CEO of WealthKernel. “To give these innovative companies the best chance to succeed, they need a better trading tech stack that is easy to embed and scale. By partnering with ClearBank and utilising its embedded banking infrastructure, we’re addressing this need and are confident that the solution will open up the market for our clients and ensure a better experience for their end-users.”
ClearBank is also providing WealthKernel with Client Money Accounts which WealthKernel will use to hold the funds on behalf of its customers in accordance with its obligation to protect their money under CASS 7. In addition, ClearBank will provide WealthKernel with connection to the real-time Faster Payments Service scheme, via APIs.
“WealthKernel’s new Instant Matching Deposits product demonstrates how our embedded banking technology can help financial service providers to create pioneering services that meet the demands of new customer segments as well as improve operational efficiencies and provide elasticity. With this new service launch and the recent funding raise, WealthKernel is perfectly positioned to push the industry forward and we’re excited to be part of that journey.” said Charles McManus, CEO of ClearBank.
Expansion into the European markets
Founded in 2015, WealthKernel is a supplier of investment infrastructure for companies looking to offer digital investment services, whether as stand-alone or in addition to their present offering.
Earlier this year, the company announced a Series A+ funding round, securing a further investment of US$7mn. It will use the additional investment to support its integration of intraday trading and the expansion of its services into European markets.
The funding round was led by XTX Ventures, the venture capital arm of XTX Markets, with participation from Digital Horizon, Big Start Ventures, and WealthKernel’s existing lead investor, ETFS Capital.
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