Claro Money partners with WealthKernel to enhance financial advice
By Joy Dumasia
WealthKernel, a wealthtech provider of digital investment services, announces its partnership with Claro Money, a new digital financial coaching app. As part of the partnership, Claro Money will use WealthKernel’s flexible investing APIs and regulatory umbrella in its mission to change the way retail investors access financial knowledge, tools and products.
WealthKernel provides Claro with custody, portfolio management and brokerage services via API as it launches its new financial coaching app in the UK. As an appointed representative of WealthKernel, Claro Money will also utilise its regulatory umbrella to launch its services to market.
According to its research, more than a third of those under 35 are classified as being “perpetually poor”, despite earning £40,000 or more. By offering affordable and qualified financial coaching, Claro Money aims to address this financial inequality and help give financial support and security to the 94% of Britons who cannot afford traditional financial advice but would benefit significantly from access to financial coaching.
Karan Shanmugarajah, CEO of WealthKernel, said: “At WealthKernel, we are helping to dramatically reduce the cost of investment infrastructure for FinTechs to make it as easy as possible for them to bring their services to market. This means companies like Claro Money can focus on their vision of overhauling the way people save & invest and gain access to financial support, while WealthKernel handles the heavy lifting associated with the technology and regulatory compliance.”
Rob Brockington, CEO of Claro Money, said: “When looking for a technology partner, we were ultimately looking for someone with a willingness to help us disrupt the industry, which the team at WealthKernel certainly has. By eliminating the stress associated with the infrastructural side of things, we’ve been able to launch a product that will help to democratise and disrupt the traditional financial advice space and tackle the growing gap which needs to be addressed at a societal level.”
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