Barclays backs FinTech WealthOS
WealthOS, the cloud-native wealth management infrastructure platform provider, has closed a seed round led by Barclays Bank at £4 million.
In addition to Barclays, WealthOS also attracted investment from Main Set, part of international investment firm Capricorn Capital Partners UK.
£2m was raised in this final closing adding to the £2m already invested by Barclays and other leading FinTech investors such as Chris Adelsbach, Mike O’Brien, John Donohoe and John Herlihy in late 2023.
WealthOS will use the investment to further develop its platform, increase distribution and scale the organisation to support its strong client pipeline.
“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,” said CEO and founder Anton Padmasiri.
This funding news follows the announcement that WealthOS had released the UK’s first and only cloud-native and API retail pensions (SIPP) technology and that it had been selected by Quai Digital to become its new, strategic technology partner.
Quai is a provider of B2B wealth management white label outsourcing services.
Andrew Challis, co-head of principal investments at Barclays, added: “We’re very pleased to have invested in WealthOS at the start of their journey. They are a talented team and have leveraged the investment to achieve early commercial success.
“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. I look forward to seeing their future endeavours coming to fruition, celebrating new milestones, and seeing our return on investment.”
