WealthKernel, a wealthtech provider of digital investment solutions, has secured an investment of £6 million in a Series A extension round led by ETFS Capital.
The round also saw the participation of other prominent investors, including XTX Ventures, the venture capital arm of leading algorithmic trading company XTX Markets.
The investment comes at a time of high growth for WealthKernel as it plans to strengthen its presence in the wealth management and advisor market segments. This year, WealthKernel says it plans to position itself in the European market to cater to the growing demand for investment infrastructure solutions.
The funding also follows WealthKernel’s recent venture into US equities trading and supports the company’s mission of helping to bring innovative and cost-effective solutions to everyday investors.
“Having seen the business grow from strength to strength since we first invested in 2018, we look forward to supporting Karan and team as they continue this expansion into Europe,” said Martyn James, CEO of ETFS Capital. “The demand for innovation in the wealth and asset management industry has never been higher, which WealthKernel is perfectly placed to deliver.”
The funding comes at a time of rapid growth for WealthKernel. It has been expanding its services rapidly over the last few months. The new funding will help fuel its ability to strengthening its market presence and continue to bring innovative solutions to the wealth management industry.
Late last year WealthKernel said it was moving aggressively into US equities trading. The December launch positioned WealthKernel as a new entrant in the API-driven brokerage market for US equities
Wealthyhood, an investment app popular with millennials and one of WealthKernel’s clients, is one of the first companies to go live with US equity trading on WealthKernel’s platform. The launch of US equities positions WealthKernel within a market largely dominated by American fintechs like DriveWealth, Alpaca and Apex. This move also closely aligns with WealthKernel’s commitment to offering cost-effective investment solutions to everyday investors.
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US equities are currently among the most popular investment choices, with a significant surge in positive sentiments towards this asset class from Europe’s major private banks. Given the changing investor preferences, the launch of WealthKernel’s institutional-grade US equity dealing is a timely addition to its full suite of products for an evolving investor landscape.
“Until now, our users could invest in a curated selection of ETFs, but there was something missing,” said Alexandros Christodoulakis, CEO of Wealthyhood. “Our users’ consistent feedback inspired us to elevate our offerings, and we worked hard with WealthKernel to deliver. Starting today, over 100 of the most popular US stocks are now available on Wealthyhood (also as fractional shares) starting from only £1!”
