Rapid Growth and Expansion
Digital wealth and tech provider WealthKernel has secured a £6m extension to its Series A funding round. The funding was led by ETFS Capital, a company that has been supporting WealthKernel since 2018. XTX Ventures also participated in the funding.
With this new capital injection, WealthKernel aims to strengthen its presence in the wealth management and advisor markets. The company plans to expand into Europe, where there is a growing demand for investment infrastructure solutions.
Gaining Momentum in the US Market
WealthKernel’s CEO, Karan Shanmugarajah, highlighted the company’s recent rapid growth and expansion. In addition to its existing services, WealthKernel has entered the US equities market, directly competing with major US wealthtech firms like DriveWealth and Alpaca.
In 2020, WealthKernel raised £4.5m in its initial Series A funding round, led by ETFS Capital. The company later extended this funding with an additional $7m round in 2022, led by XTX Ventures. Shanmugarajah emphasized that this new funding will further support WealthKernel’s commitment to innovation and market presence in the wealth management industry.
WealthKernel is a portfolio company of ETFS Capital, which also owns AltFi and ETF Stream.