WealthKernel provides the building blocks for any digital investment offering, enabling a better, more accessible wealth and investment industry. We are transforming the investment infrastructure for an industry constrained by leaky legacy pipes that are holding back the savings and pensions of millions of people.
We offer easy-to-integrate investment infrastructure via API for companies looking to offer digital wealth and investment services. From Individual Savings Accounts (ISAs) to General Investing Accounts (GIAs) to Self-Invested Pension Plans (SIPP), our technology helps clients bring financial products to their private clients quickly and easily. We also hold millions of pounds on behalf of our clients.
Our goal is to pioneer an industry-leading vertically integrated infrastructure that makes investing easy by enabling companies to build and offer investing capabilities in flexible, cost-effective, and creative ways.
How did you come up with the idea for the company?
We recognized that the existing wealth infrastructure is overpriced, poorly designed and not designed for a digitized world.
Building investment products and applications on this legacy infrastructure is slow, expensive and requires large investments. Because it’s built on legacy technology, it also creates legacy and slows innovation at fintechs looking to push product boundaries for users.
Companies must pass on the costs and make massive investments that would distract from the development of consumer-centric products. It would also mean continually investing to keep up with companies with better technology stacks. Additionally, similar companies trying to disrupt the industry with newer infrastructure weren’t flexible or supportive enough for fintechs bringing creative solutions to market, so we’ve had success there.
Additionally, the wealth and investment industry typically caters to wealthier individuals or individuals with significant sums of money to invest. Our mission is to lower the barrier to access wealth and investment services for everyday people by providing reliable and affordable investment infrastructure and supporting those who build on it. We don’t just cater to those with quality investments – our infrastructure is designed to meet everyday needs and our powerful fractional engine allows investors to invest in many liquid assets from as little as £10.
How has the company performed during the pandemic?
With WealthKernel mostly working remotely, we have been fortunate that the pandemic has not impacted our business too much. Despite the challenges faced by many other businesses, our business has grown significantly in recent years through new customer partnerships, heavy investment in product development and expanding our teams in the UK, Spain and around the world.
For example, last year we partnered with Wealth8 – a digital wealth and investment service that targets underrepresented communities and focuses on addressing inequalities faced by black and multiracial minorities in accessing wealth management. Using our API, Wealth8 launched an investment app during Black History Month. We’ve also helped improve access to financial advice overall by partnering with the UK’s first digital financial coaching app, Claro Money, using our flexible investment APIs and regulatory umbrella.
Additionally, we recently launched our digital SIPP feature, which allows fintechs to easily and efficiently offer pensions to their clients. Pension tech company Penny was the first company to integrate our SIPP offering. As consumers prefer accessibility and more say in how their pensions are invested, our offering was launched at a key time in the market.
What can we expect from WealthKernnel in the future?
With $7 million raised in a recent round of Series A+ earlier this year, WealthKernel is on an ambitious path to launch in Europe later this year and extend its API investment infrastructure to intraday trading to expand.
We recently introduced SIPPs, JISAs, Instant Matching Deposits and Virtual Accounts powered by cloud-based clearing bank ClearBank. This new feature eliminates the need to wait for funds to be released and allows retail clients of WealthKernel’s partners to fund accounts and start trading immediately.
Additionally, one of our core objectives is to become the leading provider of digital wealth and investment infrastructure in the UK and Europe.
https://techround.co.uk/interviews/meet-karan-shanmugarajah-wealthkernel/?utm_source=rss&utm_medium=rss&utm_campaign=meet-karan-shanmugarajah-wealthkernel Meet Karan Shanmugarajah, CEO of Digital Investment Infrastructure Platform: WealthKernel