WealthOS, a cloud-native and API-driven core WealthTech firm has secured £2m in institutional seed funding round led by Barclays.
The initial closing of this seed funding round amassed £2m, with an additional £2m anticipated in an imminent second closing.
Barclays Bank, along with other significant investors such as Singapore-based VC fund nVentures, Chris Adelsbach from Outrun Ventures and Techstars, and John Donohoe, CEO of Carne, actively participated in this funding round. Notably, existing investors like Mike O’Brien and John Herlihy also continued their support for WealthOS.
WealthOS specialises in delivering technology for various critical functions in wealth management, including compliant client onboarding, portfolio management, trading, settlement, reconciliation, and more.
The company’s approach, leveraging cloud-native technology and CI/CD methodologies, aims to significantly reduce infrastructure and running costs for organisations while offering scalable and secure solutions.
Recently, the company introduced the UK’s first cloud-native, API-driven self-invested personal pension (SIPP) drawdown technology, aimed at offering fully digital retirement propositions to clients of DC pension providers.
CEO and co-Founder of WealthOS Anton Padmasiri said, “In just three short years since its founding, I am delighted that WealthOS has attracted the backing of a prestigious institution like Barclays and from a group of highly esteemed investors who strongly support our mission to upgrade the technology infrastructure for the wealth management industry.
“It’s evident that there is a clear demand for more choice and better technology in the core WealthTech space. With the second closing of the round open, I welcome enquiries from other strategic partners and investors who wish to join our journey of reshaping the WealthTech landscape,” he continued.
Co-Head of Principal Investments at Barclays Andrew Challis stated, “Our investment demonstrates our ongoing commitment to opportunities arising from our Rise Growth Academy and aligned with Barclays’ Innovation Thesis. We’re excited to back Anton and his team in their next phase to unlock their full potential for scaling the business.”
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