WealthKernel, a provider of digital investment services, has raised $7 million in a Series A+ funding round, according to a Monday (Jan. 17) press release.
The London-based company said in the release that the round is an extension of its $6 million Series A from 2020. It will use the additional money to expand its investing infrastructure to include intraday trading and its access to Europe.
This funding round was led by XTX Ventures, the venture capital arm of XTX Markets, with participation from Digital Horizon, Big Start Ventures and WealthKernel’s existing investor, ETFS Capital, the release stated.
“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,” said CEO Karan Shanmugarajah in the release.
Despite challenges of the past year, he said business and the sector have thrived, demonstrating the increasing demand for investment services from businesses and their customers, as well as the growing shift to digital wealth, according to the release.
In December, Morningstar, an independent investment research firm and Wealthkernel competitor, agreed to purchase wealth management platform provider Praemium’s operations in the United Kingdom, Jersey, Hong Kong and Dubai for 35 million pounds (about $47 million). Praemium offers a proprietary Software-as-a-Service (SaaS) technology and services used by nearly 500 independent financial advisers.
In an interview with PYMNTS in November, David Dindi, CEO of Atomic, a Utah-based FinTech, said the wealth building and management landscapes are ripe for change and ready for a leveling of the playing field against the investment powerhouses that have dominated Wall Street for decades.
See more: Atomic Launches APIs to Enable FinTech Investment Products
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