Digital wealth technology provider WealthKernel has raised $7m in a funding round that will enable further access to Europe and expansion of its investing infrastructure.
The funding round was led by XTX Ventures, the venture capital arm of XTX Markets, with additional participation from Digital Horizon, Big Start Ventures and ETFS Capital, the firm’s existing investor which has been in support since January 2020.
In particular, the investment will support the integration of intraday trading and the expansion of its API-integrated digital investment infrastructure.
Karan Shanmugarajah (pictured), CEO of WealthKernel, commented: “Our investors’ backing will not only help us bring our product to a wider audience and expand our platform but also achieve our goal of becoming the leading provider of API-based wealth and investment infrastructure across Europe.
“Despite its challenges, the past year has seen our business and sector thrive, demonstrating the increasing demand for investment services from businesses and their customers alike, and the growing shift to digital wealth. Our core ambition is to lower the barriers of access to investment and wealth services for everyone.”
Martyn James, managing director at ETFS Capital, added: “We continue to back Karan and the Wealthkernel team, as their success to date has earned them the opportunity to expand their services further and also into Europe.
“Democratising access to wealth and investment services is a purpose we understand and respect. Beyond good commercial sense, it is a game-changer for the many investors denied access to such services until now.”
The investment comes as non-traditional investment audiences become more engaged with their finances and growing their wealth.
WealthKernel has captured this trend by enabling firms such as Claro Money, Wahed and Wealth8 to enter more underserved areas of the wealth management space such as halal and ethical investment and ESG.