Barclays has led a £2 million seed funding round for WealthOS, a cloud-native and API-driven core wealthtech startup.
Barclays was joined in the round by VC fund nVentures and a host of angels. WealthOS says that it plans to complete a second £2 million closing of the round imminently.
WealthOS provides middle- and back-office technology to the savings, investment, and retirement industries, supporting features such as compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers and projections.
The firm claims that its use of cloud-native technology reduces the infrastructure and running costs for organisations by over 40% while offering elastic scalability. Meanwhile, the API-driven approach lets firms roll out products and features faster than traditional methods.
“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,” says WealthOS CEO Anton Padmasiri.