East Midlands tech firm bags £4.5m investment

A Nottingham-based digital wealth infrastructure and technology provider has secured one of the biggest funding deals the city has seen since 2018.

WealthKernel has received £4.5 million Series A funding from privately owned investment company ETFS Capital. It will use the investment to make wealth management services accessible to a broader constituency of people.

Karan Shanmugarajah, CEO of WealthKernel, said: “I often describe what we do as the plumbing for the wealth management companies. The current industry is built on leaky legacy pipes and that leakage directly impacts the savings and pensions of millions of people, particularly those with smaller sums of money. We started WealthKernel to make financial services better for everyday people. With ETFS Capital we are fortunate to have an investor who shares that passion and the track record to back it up.”

Graham Tuckwell, chairman at ETFS Capital, added: “Too many people do not yet have access to credible and inexpensive investment services, because they cannot be provided efficiently enough. We believe WealthKernel has the vision and technology to change this for everyone’s benefit.”