WealthOS, a cloud-native and API-driven core wealthtech startup, has successfully raised an additional £2 million in its seed funding round, bringing the total to £4 million. This latest investment was led by Barclays Bank, with contributions from fintech investor MainSet and various fintech angel investors, including Chris Adelsbach, Mike O’Brien, John Donohoe, and John Herlihy.
WealthOS specializes in providing middle- and back-office technology for the savings, investment, and retirement sectors. Their platform includes features for compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, and projections.
The recent funding announcement follows WealthOS’s launch of the UK’s first cloud-native and API-driven retail pensions (SIPP) technology. The company has also been selected by Quai Digital, a B2B wealth management white-label outsourcing vendor, as its new strategic technology partner.
Andrew Challis, co-head of principal investments at Barclays, stated, “Our ongoing investment with WealthOS demonstrates our commitment to opportunities arising from our Rise Growth Academy and aligns with Barclays’ Innovation Thesis. WealthOS presents a strong proposition in the digital wealth management arena, backed by a talented team that has utilized investment to achieve early commercial success.”
Anton Padmasiri, CEO of WealthOS, indicated that the funds will be used to further develop their platform, enhance distribution, and scale the organization in order to support a “strong client pipeline.”