WealthKernel, a London-based digital startup that provides tools for digital investment services, has raised $7m (£5m) funding in an extension to its Series A round.
The investment was led by XTX Ventures, the venture capital arm of XTX Markets. Other investors in the round included Digital Horizon, Big Start Ventures and ETFS Capital.
The “Series A+” round is an extension to WealthKernel’s $6m (£4.3m) Series A in 2020. To date, the company has raised a total of $13.9m (£10m) in funding.
The fintech company intends to use the cash to expand its service into the European market, scale up its workforce and support the integration of intraday trading into its offering.
Founded in 2015 by Joe Campbell, Karan Shanmugarajah, and Yannick Brunner, WealthKernel provides digital infrastructure solutions for companies that offer investment services.
WealthKernel’s solutions include client onboarding, brokerage, trading, and custody. The company’s clients include Claro Money, Wahed, Wealth8, and Rosecut.
WealthKernel is regulated by the UK’s Financial Conduct Authority and is backed by investors including ETFS Capital, LCIF, and Seedcamp.
“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,” said Karan Shanmugarajah, CEO, WealthKernel.
“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, said: “We continue to back Karan and the Wealthkernel team, as their success to date has earned them the opportunity to expand their services further and also into Europe. 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.”