Expanding Presence in Wealth Management and Advisor Markets
Digital wealth and tech provider WealthKernel has announced a £6m extension to its Series A funding round. The funding was led by ETFS Capital, a long-time supporter of WealthKernel, with additional participation from XTX Ventures.
With the additional capital, WealthKernel aims to strengthen its presence in the wealth management and advisor markets, particularly in Europe where there is a growing demand for investment infrastructure solutions.
Rapid Growth and Entry into US Equities Market
According to Karan Shanmugarajah, CEO of WealthKernel, this funding comes at a time of rapid expansion for the company. In recent months, WealthKernel has been rapidly expanding its services, including its recent entry into the US equities market.
In December, WealthKernel added US equity trading to its list of services, positioning itself to compete with major US wealthtech companies like DriveWealth and Alpaca.
Previous Fundraising Success and Future Commitments
WealthKernel previously raised £4.5m in 2020 for its Series A funding round, which was led by ETFS Capital. In 2022, the company extended its funding round with an additional $7m led by XTX Ventures.
The new funding will support WealthKernel’s commitment to strengthening its market presence and bringing innovative solutions to the wealth management industry, said Shanmugarajah.
WealthKernel is a portfolio company of ETFS Capital, the owner of AltFi and ETF Stream.