Wealth tech startup WealthKernel, a fast-growing UK-based digital wealth infrastructure and technology provider has secured a £4.5 million in Series A funding from ETFS Capital to democratise wealth management.

The company aims to enable companies to innovate and widen access to wealth management services for a broader universe of people.

WealthKernel, via its proprietary API platform and modular architecture approach is providing the core infrastructure, custody and regulatory permissions needed to build a best-in-class digital finance service.

It is a one-stop-shop for firms looking to build their own wealth management service and extend beyond the traditional high net worth (HNW) market.

The investment by ETFS Capital means development and functionality will be accelerated, while a greater number of clients are serviced. It is also a clear endorsement of the firm, its mission, technology and leadership team.

Karan Shanmugarajah, CEO of WealthKernel, said: “I often describe what we do as the plumbing for the wealth management companies. The current industry is built on leaky legacy pipes and that leakage directly impacts the savings and pensions of millions of people, particularly those with smaller sums of money.

“We started WealthKernel to make financial services better for everyday people. With ETFS Capital we are fortunate to have an investor who shares that passion and the track record to back it up.”

Graham Tuckwell, Chairman, ETFS Capital, added: “Too many people do not yet have access to credible and inexpensive investment services, because they cannot be provided efficiently enough.

“We believe WealthKernel has the vision and technology to change this for everyone’s benefit.”