WealthOS raises £ 2 m in first closing of seed funding round led by Barclays Bank

• UK based WealthOS with operations in SL has secured institutional seed funding from Barclays Bank and other leading FinTech investors to propel the next phase of its growth
• First closing of the round raised £ 2 m, with the second closing of a further £ 2 m expected to be completed soon

WealthOS, a cloud-native and API-driven core WealthTech firm, has announced that it secured institutional seed funding from Barclays Bank and other leading FinTech investors to propel the next phase of its growth. 

Of the total £ four million raise, the company announced that it successfully raised £ two million in the first closing of the round, with a view to completing the second closing imminently. It will use this investment to further develop its platform and accelerate its market penetration.

In addition to Barclays, Singapore based VC fund nVentures, Outrun Ventures Founding Partner and Techstars Venture Partner Chris Adelsbach and Carne CEO John Donohoe participated in the round, along with current investors Mike O’Brien (NED – Abrdn and Carne, ex-JP Morgan, ex-BGI/BlackRock) and John Herlihy (Chair – Carne, ex-Google, ex-LinkedIn). 

“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,” stated WealthOS CEO and Co-Founder Anton Padmasiri. 

“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.”

Barclays Co-Head of Principal Investments Andrew Challis said: “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.”

WealthOS, a UK based company with operations in Sri Lanka, provides modern middle and back-office technology to the savings, investment and retirement industries. It provides the technology required for supporting features such as fully compliant client on-boarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, projections and more.

By using the latest cloud-native technology as well as continuous integration and continuous delivery (CI/CD) methodologies, WealthOS can reduce the infrastructure and running costs for organisations by over 40% while offering elastic scalability and best-in-class security. The platform’s modular architecture lets organisations quickly augment one or more of its solutions with minimal disruption to their existing tech stacks. 

WealthOS’ API-driven approach enables organisations to develop digital wealth management products and features at least 3x faster than traditional WealthTech platforms. WealthOS also recently launched the UK’s first and only cloud-native, API-driven self-invested personal pension (SIPP) drawdown technology that will enable DC pension providers to offer fully digital retirement propositions to their clients.

WealthOS is the cloud-native, modularised operating system SaaS for digital wealth management products. Founded in 2019 and currently available in the UK, WealthOS helps wealth managers to achieve their digital transformation three times faster and 40% cheaper. As a minority founded business operating across the UK and Sri Lanka, it firmly believe in building digital infrastructure that enables equitable financial access for everyone, everywhere.