Barclays has led a £2 million seed funding round for WealthOS, a cloud-native and API-driven core wealthtech startup. The round also saw participation from VC fund nVentures and several angel investors. WealthOS plans to finalize a second £2 million closing of the funding round shortly.
WealthOS specializes in providing middle- and back-office technology solutions for the savings, investment, and retirement sectors. Their offerings include compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, and projections.
The firm asserts that its cloud-native technology can lower infrastructure and operational costs by more than 40%, while also enabling elastic scalability. Its API-driven approach allows firms to launch products and features at a faster pace compared to traditional methods.
CEO Anton Padmasiri expressed his enthusiasm about attracting the support of such a prestigious institution as Barclays and a group of esteemed investors, emphasizing their mission to enhance the technology infrastructure within the wealth management industry.