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Barclays leads £4 million total seed round in WealthOS

Barclays leads £4 million total seed round in WealthOS

WealthOS, a cloud-native and API-driven core wealthtech startup, has topped up a £2 million seed round led by Barclays Bank with a further injection of capital from the UK lender and fintech investors.

Barclays returned to the well alongside fintech investor MainSet to conclude a £4 million seed round in WealthOS. Barclays led an initial £2 million in the firm in November with participation from fintech angels such as Chris Adelsbach, Mike O’Brien, John Donohoe and John Herlihy.

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 additional funding follows the news that WealthOS has released the UK’s first and only cloud-native and API retail pensions (SIPP) technology and that it has been selected by B2B wealth management white labal outsourcing vendor Quai Digital to become its new, strategic technology partner.

Andrew Challis, co-head of principal investments at Barclays comments: “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.”

WealthOS chief Anton Padmasiri says the firm will use the investment to further develop its platform, increase distribution and scale the organisation to support a "strong client pipeline".

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