WealthKernel secures £6m in Series A extension funding
By Gloria Methri
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 algorithmic trading company XTX Markets. The investment comes close to the heels of expansion plans for WealthKernel as it plans to strengthen its presence in the wealth management and advisor market segments.
This year, the company 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.
Martyn James, CEO of ETFS Capital, said, “We are pleased to provide further funding to WealthKernel. Having seen the business grow from strength to strength since we first invested in 2018, we look forward to supporting Karan and the team as they continue this expansion into Europe. The demand for innovation in the wealth and asset management industry has never been higher, which WealthKernel is perfectly placed to deliver.”
Karan Shanmugarajah, CEO of WealthKernel, said, “This funding comes at a time of rapid growth for WealthKernel. We have been expanding our services rapidly over the last few months, with our newest entry into the US equities market. The new funding will help fuel our commitment to strengthening our market presence and continue to bring innovative solutions to the wealth management industry.
Aqsa Tariq, CFO of WealthKernel, said, “I am very excited about the successful completion of the funding round. This funding round reflects the continued confidence of our investors in WealthKernel’s vision and technology. We are determined to make ‘wealth and investing’ easily accessible to everyone. As we continuously improve and strengthen our platform, we embark ourselves and the wider wealth management market on a route of long-term sustainable growth.”
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