WealthKernel raises US$7mn in Series A+ investment round
The digital investment services and infrastructure provider, WealthKernel, has announced it has raised US$7mn in its latest Series A+ investment round.
The London-based fintech which is already one of the UK’s leading investment solutions providers has said it will use the raised capital to support its integration of intraday trading and the expansion of its services into European markets.
The funding round, which 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, comes as younger and other non-traditional investment audiences have become more engaged with managing their finances and growing their wealth.
This is causing a significant surge in the popularity of trading and wealth management apps. According to a study by App Radar, this now sees 6.4m people - approximately 12% of the UK adult population - using at least one investment app to manage their finances.
A new trend in diverse business investments
Over the past 12 months, WealthKernel has facilitated solutions for several diverse businesses including Claro Money, Wahed, and Wealth8 to enter underserved areas of the wealth services market, covering areas from halal and ethical investment to ESG.
The move has been motivated by WealthKernel’s aim to democratise access to wealth and investment services. The fintech’s goal is to become the leading API wealth infrastructure provider in Europe and the UK.
Speaking about the latest funding round, and WealthKernel’s latest strategy, Karan Shanmugarajah, CEO, WealthKernel explained, “I’m incredibly excited to take this next step in WealthKernel’s journey. 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.”
Shanmugarajah said that regardless of the upheavals of the past two years, the company had made significant progress. “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.”
Martyn James, Managing Director, ETFS Capital added, “Democratising access to wealth and investment services is a purpose we understand and respect. Beyond good commercial sense, it is a game-changer for the many investors denied access to such services till now.”
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