WealthOS wins contract with Quai Digital

Monday, 26 February 2024 00:00 - - {{hitsCtrl.values.hits}}

WealthOS CEO and Co-Founder Anton Padmasiri

Quai’s CEO Tony Webb

WealthOS, the Barclays backed WealthTech has been selected by Quai Digital to become its new strategic technology partner.

Quai, a leading provider of B2B wealth management white label outsourcing services, will utilise WealthOS’s composable software to integrate with its own proprietary platform to drive further growth by offering new scalable, feature-rich, digital financial capability to its clients.

The partnership will include using WealthOS’s software to support the current assets under administration and over 200,000 accounts (across GIAs, ISAs, and SIPPs) and Quai utilising WealthOS’s capabilities to launch new products and services in the wealth management space. This partnership marks a significant delivery milestone in WealthOS’s history since its £ 2 million pound seeding investment led by Barclays in Q4, 2023.

Quai’s CEO Tony Webb said: “We had no hesitation in selecting WealthOS as our strategic tech partner to help us scale the business and realise our growth ambitions. They bring fresh ideas to the industry and offer a high degree of innovation, automation and orchestration within their software. Their passion and depth of technical expertise complements our own extensive in-house credentials in operating well established wealth management products. These factors will greatly enhance Quai’s capacity, grow our operational capability, and will further leverage the skills of our high-quality team to provide the next generation of digital wealth management products.”

WealthOS CEO and Co-Founder Anton Padmasiri said: “We are honoured to be chosen by Quai, a recognised leader in digital wealth management, as the infrastructure partner for their growth journey. This collaboration validates our unwavering commitment to building the ideal digital architecture for modern wealth management middle and back-office platforms. Our expertise in large-scale platform migrations and enhancements will empower Quai’s market leadership ambitions. We are also excited to be supporting Quai’s launch of new financial products through our software, including fully digital drawdown pensions and Lifetime ISAs. We look forward to a successful partnership that delivers tangible value.”

WealthOS provides Quai with the cloud-native infrastructure to support their wide range of fully digital financial products, with extensive feature sets. Quai will also access WealthOS’s integrated ecosystem of third-party vendors. This increases Quai‘s ability to offer highly configurable client experiences, through a suite of APIs for easy connectivity and development. The overall partnership will make it easier for Quai’s clients to develop strong wealth management products and services, quickly and seamlessly.

WealthOS’s ongoing API-driven approach will enable further partners to develop digital wealth management products and features at least three times faster than traditional WealthTech software and platforms.