ikigai selects WealthKernel for FCA-compliant custodian services
By Sunniva Kolostyak
ikigai, the newly-launched wealth manager-slash-challenger, has announced the extension of its partnership with WealthKernel, choosing them as a custodian for clients’ financial assets.
The FinTech, which launched in March and aims provide premium services to bridge self-care, personal finance and wealth management, previously held clients’ assets with investment platform Third Financial.
Alongside reconciliation, settlement, dividends, corporate actions processing, and transfers, WealthKernel will now be responsible for the custody of money and assets for ikigai’s UK clients. The assets will be held in separate WealthKernel Nominee Accounts, in line with FCA CASS regulations and guidelines.
Commenting on the partnership, Maurizio Kaiser, co-founder of ikigai, said moving custodian services is a natural extension of the partnership between the companies: “WealthKernel’s custodian services deliver exactly what we need to remain agile in a fast-changing landscape. Its capabilities are a natural fit as ikigai is committed to delivering world-class services using cutting-edge technologies.
“We are ruthless about client-centricity and, like WealthKernel, are fully committed to transforming banking and wealth management. This partnership means we are able to truly focus on continuously providing the best-in-class products and services to our clients, bringing us a step closer to redefining the future of wealth.”
Karan Shanmugarajah, CEO of WealthKernel, added: “Ikigai is proof that we are the perfect fit for companies that require fast integration and feedback when deploying premium financial services. Our infrastructure enables ikigai to deliver high-touch investment and wealth management services. And by using best-in-class, regulated financial technologies, ikigai can offer the assurities required when managing its clients’ portfolios. We are delighted to extend our relationship, and look forward to seeing how ikigai continues to grow.”
In addition to the new custodian solution, WealthKernel already provides the FinTech with its portfolio management and order management system. These integrations help automate investment capabilities such as bulk trade processing, payment flows and portfolio rebalancing, helping ikigai grow its business at scale. The solutions also help remove a layer of human error, and the manual, time-intensive processes typically associated with investment services.
WealthKernel works alongside other API financial partners, such as Railsbank, so that ikigai can focus on delivering best-in-class, premium products and services to its clients.
The custodian appointment comes ahead of ikigai’s crowdfunding campaign, kicking off in mid-April, where it aims to raise a further £1.2 million. Previously, it raised £2 million from private and angel investors in a pre-seed round completed in 2020.
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage