Digital wealth infrastructure company WealthKernel has reportedly raised $7m in its Series A+ round to support its expansion in Europe.
The capital will help the company expand into new European markets and hire more staff, according to a report from Altfi. To support the expansion, the company is exploring a new headquarters in Spain.
The investment was led by XTX Ventures, with commitments also coming from Digital Horizon, Big Start Ventures and ETFS Capital.
This capital injection is an extension to WealthKernel’s initial Series A funding round which closed on $6m.
WealthKernel offers embedded investing tech that gives companies the tools to create a digital investing service from onboarding and trading to portfolio management and custody. Its flexible API infrastructure enables businesses to easily integrate the services.
It claims its technology is used to support of 100,000 transactions each month and supports £5bn AUM managed by its clients.
WealthKernel CEO Karan Shanmugarajah told AltFi, “We haven’t settled on a home market, but Spain is the one we are leaning towards. We have staff there and it is a culture fit for us. Spain, we feel is a good way to expand into Europe and Latin America.
“It’s one of those large countries that not a lot of FinTechs go there, so there is a good pool of talent compared to going to the Netherlands or Ireland where a lot of companies like to. In London, there is far too many qualified Spaniards doing underemployed jobs here.”
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