Barclays has invested £2 million in seed funding for WealthOS, a cloud-native and API-driven wealthtech startup. Joining Barclays in the funding initiative are VC fund Ventures and various angel investors, with plans for a second £2 million closing in the round in the near future.
WealthOS specializes in providing advanced middle- and back-office technology solutions to the savings, investment, and retirement sectors. Its suite of services encompasses a range of crucial functions, including compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, and projections.
One of WealthOS’s key differentiators is its reliance on cloud-native technology, a strategy that is reported to reduce infrastructure and running costs for organizations by more than 40%. This cloud-native approach offers greater scalability, providing companies with the flexibility to adapt to changing demands efficiently. Additionally, WealthOS adopts an API-driven model, allowing organizations to introduce new products and features more rapidly compared to traditional methods.
The investment from Barclays and other stakeholders underscores the growing importance of innovative wealthtech solutions. As financial institutions seek to enhance their capabilities and meet evolving customer expectations, the adoption of cloud-native, API-driven technologies becomes increasingly pivotal. The funding injection will likely accelerate WealthOS’s development and deployment of cutting-edge solutions within the wealth management space.
WealthOS’s commitment to leveraging technology to streamline operations aligns with broader industry trends, where financial institutions are actively embracing digital transformation to stay competitive and provide a seamless customer experience. The funding round positions WealthOS to play a significant role in shaping the future landscape of wealthtech, offering efficient and scalable solutions to the savings, investment, and retirement industries.
Anton Padmasiri, WealthOS CEO, says, “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.”
