WealthOS secures £4m in seed funding with Barclays and Main Set

WealthOS, a cloud-native and API-driven core wealthtech startup, has successfully closed its seed funding round, raising a total of £4 million. The round was led by Barclays Bank, which initially invested £2 million in November 2023. This latest funding round saw an additional £2 million injected by Barclays and fintech investor Main Set, part of Capricorn Capital Partners UK.

Other notable investors include fintech angels Chris Adelsbach, Mike O’Brien, John Donohoe, and John Herlihy.

The newly acquired funds will be utilised to further develop WealthOS’s platform, increase distribution, and scale the organisation to support its robust client pipeline. WealthOS provides middle- and back-office technology to the savings, investment, and retirement industries. Their platform supports a range of features including compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, and projections.

Anton Padmasiri, CEO and Founder of WealthOS, stated: “I couldn’t have asked for a better group of investors—all of whom have been incredible cheerleaders for our mission to modernise the wealthtech space. I am excited to demonstrate to the market how we will not only enable organisations to offer incredible, omni-channel wealth management products to clients, but to do so at high speed and with cost efficiency.”

Andrew Challis, Co-Head of Principal Investments at Barclays, commented on the investment: “Our ongoing investment with WealthOS demonstrates our commitment to opportunities arising from our Rise Growth Academy and aligns with Barclays Innovation Thesis. WealthOS has an impressive proposition in the digital, wealth management space. They are a talented team and have leveraged the investment to achieve early commercial success.”

Ioto Iotov, Founder and Managing Partner of Main Set, added: “Given our experience within the wealth and investment space, and our focus on fintech, we know the wealth management sector has immense opportunity for digitisation and growth. The WealthOS team has built a proposition that has found product-market fit very early; and is primed for use by a whole host of wealth, retirement, and savings companies.”

Recent developments

This funding news follows the announcement that WealthOS had released the UK’s first and only cloud-native and API retail pensions (SIPP) technology. Additionally, WealthOS has been selected by Quai Digital, a leading provider of B2B wealth management white label outsourcing services, to become its new strategic technology partner. By utilising WealthOS’s composable software, Quai Digital aims to drive further growth by offering new scalable, feature-rich, digital financial capabilities to its clients.

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