Daily news

Brex Teams Up with 1Password to Enhance Online Payment Security

Brex Teams Up with 1Password to Enhance Online Payment Security
By David Penn Posted on
Categories: Daily news

San Francisco, California-based finech Brex, which offers enterprise solutions from business accounts and credit cards to spend management tools, is partnering with password manager 1Password to streamline and better secure online payments.

Courtesy of the new integration, consumers will be able to complete online payments faster and more securely by automatically syncing customer data stored in their Brex vaults with 1Password. This will ensure users have access to the most up-do-date version of their Brex virtual cards, enable them to immediately delete their cards from both Brex and 1Password in the event of a security breach, as well as allow them to create single-use cards that mitigate against the possibility of online card theft altogether.

1Password CEO Jeff Shiner called the integration between his company and Brex “the first of its kind in financial services.” He said that the partnership would “give customers peace of mind over their business spend while promoting a culture of security within their organizations.” Cosmin Nicolaescu, Chief Technology Officer at Brex, added that the partnership was “an excellent example of how the Brex API can help customers with custom workflows to create efficient and time-saving practices.”

Other features of the integration include spending caps and card controls, auto-population of card details into online payment forms, unlimited virtual cards, and visibility into virtual card activity via a single dashboard. The integration will also enable Brex card details to be securely stored within 1Password, and allow Brex virtual credit cards to be viewed, managed, and controlled from within 1Password.

Brex’s integration announcement with 1Password comes just a few weeks after the company announced an additional $300 million raised as part of its Series D-2 round – and the appointment of new Chief Product Officer, Karandeep Anand. The investment round was led by Greenoaks Capital and Technology Crossover Ventures and takes the company’s total capital raised to $1.2 billion. Brex’s valuation currently stands at $12.3 billion.

Anand comes to Brex after tenures as Head of Business Products at Meta (formerly Facebook) and as Partner Director of Product Management at Microsoft. At Brex, he will lead the company’s product portfolio expansion. “Brex is a market disruptor, and the opportunity to create economic opportunity for millions of people and businesses globally through innovation in financial products is incredibly exciting,” Anand said in a statement.

Toronto, Ontario, Canada-based 1Password was founded in 2005. The company earned a valuation of $6.8 billion after securing $620 million in funding earlier this month. With a total capital raised of more than $920 million, 1Password has 100,000+ companies using its technology, including firms like Slack and IBM. The company has approximately 570 employees, with plans to double that number this year, CEO Shiner said.

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Miami-Based Milo Unveils its Crypto Mortgage Solution

Miami-Based Milo Unveils its Crypto Mortgage Solution
By David Penn Posted on
Categories: Cryptocurrency, Daily news

Courtesy of a new offering from Miami, Florida-based digital banking and lending platform Milo, investors can leverage the world’s newest source of value to finance a purchase one of the world’s oldest. The company recently announced that it is offering the world’s first “crypto mortgage” – enabling digital asset holders to use their crypto to help them buy real estate in the U.S.

The program is available to both U.S. and international investors who are seeking to use their Bitcoin holdings as collateral for Milo’s 30-year mortgage loan. Milo allows customers to continue to own their bitcoin, and diversify into real estate ownership, while taking advantage of potential price appreciation of both assets. Customers can finance 100% of their real estate purchase, and no dollar downpayment is required.

“This is an exciting time for the crypto and mortgage industries,” Milo CEO and founder Josip Rupena said. “With our new crypto mortgage, we can expand our offerings to consumers that were previously denied by other banking firms just for having crypto. We have an opportunity to make sure that doesn’t happen anymore and their bitcoin wealth can now help them buy a property.”

In development since 2021, Milo’s crypto mortgage program avoids the problem that cryptocurrency holders often face when trying to use their digital assets to help fund real estate purchases. “The existing way for crypto consumers to access home credit has left them with unintended tax liabilities of selling for a down payment or worse the opportunity cost of seeing their crypto increase in value,” Rupena explained. “There are countless stories of people buying property with bitcoin proceeds only to see it increase in value and be worth millions more.”

Milo’s crypto mortgage innovation says as much about the company’s ability to embrace new asset classes as it does the firm’s commitment to helping individuals with significant assets overcome the hurdles that prevent them from deploying those assets as they choose. The company was founded in part from a need identified by Rupena when he was a financial advisor at Morgan Stanley. A private wealth client with a seven-figure net worth was unable to secure a home loan because of what Rupena called “traditional banks’ domestically focused processes.” He noted that less than a third of prospective homebuyers outside of the U.S. are successful in getting home loans and those that are approved often face high interest rates or, at minimum, a subpar customer experience. In 2020, Milo became the first company to conduct a completely remote digital closing for an international customer.

Founded in 2018, Milo has raised $6 million in funding from investors including 10X Capital, MetaProp, and QED Investors. The company has clients in 63 countries around the world, and has originated $300 million in loans from foreign nationals. The company’s crypto mortgage program has already begun granting loans via its early-access stage and plans to open the service to additional customers on its waiting list in the months to come.

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H&R Block Unveils Mobile Banking Platform Spruce Designed to Serve Low-to-Moderate Income Americans

H&R Block Unveils Mobile Banking Platform Spruce Designed to Serve Low-to-Moderate Income Americans
By David Penn Posted on
Categories: Alumni News, Daily news, HR Block

These days, who doesn’t want to be a bank? In recent months and years, we’ve seen industries from Big Tech to Big Retail offer a broader array of banking services. And now the trend has come to “Big Tax.”

H&R Block, which abandoned its banking charter seven years ago, is back in the banking business with a mobile banking platform called Spruce. The company’s new offering is designed to serve the needs of the millions of Americans who are struggling to better manage their spending, saving, and planning for the future. Spruce features a spending account and debit card, as well as a connected savings account that supports budgeting for specific goals.

“Spruce is a financial technology platform that combines the best features of leading neo-banks with H&R Block’s trusted brand, our 66-year history, and the insights we’ve gained from helping millions of customers every year,” H&R Block President and CEO Jeff Jones said. “Our front row seat on American life provides a unique understanding of how to help people get better with money, and we’ve applied those learnings to Spruce.”

In addition to helping users set and meet personalized savings goals, Spruce offers cash back rewards when customers use their Spruce debit cards to shop at qualifying merchants, and a fee-free environment with no monthly fees, no sign-up fees, and no minimum balance requirements. Spruce customers also have access to more than 55,000 ATMs around the country – also fee-free. Additional features include an early paycheck service, credit score monitoring, and overdraft protection. And, unsurprisingly given the business of its parent company, Spruce will also make it easy for users to apply part of their tax refund toward their savings goals.

Spruce’s savings and spending accounts are established at MetaBank, which also issues the Spruce debit card. The new banking services platform joins H&R Block’s other non-tax financial services solutions including its Emerald Prepaid Mastercard program, and its business bank account, payments, and bookkeeping solution Wave Money. Wave Money is a product of software solution provider Wave Financial, which was acquired by H&R Block in 2019.

“We believe in a future with equitable access to easy and affordable banking,” H&R Block Chief Financial Services Officer Les Whiting said. “Our customers already trust us with their most personal financial details when we help them file their taxes, and we created the Spruce solution to help address their unmet banking needs, too.”

The Spruce mobile app can be downloaded from the Apple Store and at Google Play. Users can open accounts via the app or at sprucemoney.com.

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Expensify Launches Payment Card for CPAs and Accounting Firms

Expensify Launches Payment Card for CPAs and Accounting Firms
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Expensify

Expense management firm Expensify has come out with its first product since making its debut on the public markets last year. The California-based company debuted a corporate payment card designed specifically for CPAs and accounting firms.

The Expensify CPA card comes with a high credit limit and doesn’t require a credit check or personal guarantee. The card continuously reconciles between Expensify and QuickBooks, Xero, Sage Intacct, and NetSuite. This real-time reconciliation offers administrators an up-to-date picture of company financials.

Expensify Founder and CEO David Barrett explained why the new CPA card was a timely offering from his company. “Expensify is already used by nearly half of the top 100 CPA firms in the U.S.,” Barrett said. “We used that expertise and experience to build the first card program that caters directly to the accounting profession and their clients.”

CPA-specific features of the new card include free American Institute of Certified Public Accountants membership, free CPA certification renewal, free CPE credit reimbursement, free access to three CPE credits with ExpensifyApproved! University, and free Expensify CPA Cards for both their firm and clients. Cardholders will also receive access to a team to help with high-level strategy, client onboarding, and training.

There is no information on the cost of the new card. However, cardholders receive a discount for signing up their clients. Firms that have 21 to 1,000 clients who are monthly active users receive anywhere from 15% to 30% off.

Expensify was founded in 2008 with a flagship receipt-scanning app and a simple motto, “Expense reports that don’t suck!” Since then, the company has launched a corporate payment card, offered a COVID-friendly virtual travel assistant, and expanded into billpay. In November of last year, Expensify went public on the NASDAQ under the ticker EXFY. The company has a current market capitalization of $2.1 billion.

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Routefusion Raises $10.5 Million to Help Give Fintechs Cross-Border Superpowers

Routefusion Raises $10.5 Million to Help Give Fintechs Cross-Border Superpowers
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

Earlier this week Routefusion, a company that helps financial services companies with global expansion, raised $10.5 million. The Seed round was co-led by Canvas Ventures and Silverton Partners. Haymaker Ventures, Initialized Capital, Sherwin Gandi, and Aldrin Clement also participated.

The new capital boosts Routefusion’s total funding to over $14 million. The company will use the funds to grow its team and to expand its operations in new markets, specifically in Latin America and Africa, two regions poised for growth. Adding the two new regions will extend Routefusion’s reach to more than 180 countries and more than 150 currencies.

Routefusion was founded in 2018 and helps small to mid-sized fintech companies expand their operations internationally in order to compete with traditional financial institutions and large financial services giants. The Texas-based company offers customers access to more than a dozen different banking and foreign exchange providers. Routefusion’s customers include Synapse, Jeeves, Novel, PaymentLabs, and Wyre.

“Gone are the days when go-to-market meant a domestic launch in one market. Today’s most ambitious fintech companies know that in order to win big, they must launch globally,” said Routefusion Cofounder and CEO Colton Seal. “We understand how to expand a company’s product and financial infrastructure, eliminating the obstacles associated with international payments and banking operations. With Routefusion, companies can embrace the global economy and scale across borders and oceans.”

As competition heats up in the digital alternative banking space, cross-border payments are only expected to grow. In fact, they are estimated to total $156 trillion by next year. Routefusion echoes this growth. The company has experienced a 200% growth in customers and a more than 5000% revenue growth in the past 11 months.

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Plaid Acquires Cognito

Plaid Acquires Cognito
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions, Plaid

Open finance network Plaid is snapping up identity verification and compliance platform Cognito in a deal valued around $250 million.

Plaid’s “next major step” as a company is to help developers build onboarding experiences. And because identity is a huge piece in the onboarding process, Cognito’s technology will be key in the launch of the new tool. “This means simplifying every step of the consumer journey from their first interaction during signup, to the first magical moment delivered by that product – the first time sending money to a friend, or the first time trading a stock or cryptocurrency,” Plaid CEO Zach Perret said in a blog post.

Perret cited identity verification, account connection, and account funding as three parts of a complete onboarding experience. Currently, Plaid’s technology takes care of the latter two pieces but is missing identity verification technology. According to TechCrunch, Cognito’s technology will be available to Plaid’s 5,500 clients as an optional add-on. Plaid’s services range from a free option to a package that costs north of $500 per month.

Cognito’s technology verifies user identity by connecting their phone number with their traditional identity data such as name, date of birth, address, and social security number. The California-based company also helps businesses stay compliant by managing and automating their anti-money laundering and politically exposed person screening. Since it was founded in 2014, Cognito has verified 76 million users for 300 clients including Affirm, Brex, and Current.

Today’s news is another signal of expansion for Plaid, which partnered with Dwolla, Square, Checkout.com, Currencycloud, and Marqeta last October to move into account-to-account payments.

With $734 million in funding, Plaid helps 11,000+ FIs offer their customers access to third party financial services via a suite of APIs to connect consumers, financial institutions, and developers. Plaid also offers a suite of analytics products that provides further insights into transactions. The company was founded in 2013 and is headquartered in San Francisco, California.

Photo by Edilson Borges on Unsplash

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Temenos Joins the Buy Now Pay Later Revolution with Explainable AI-Powered Offering

Temenos Joins the Buy Now Pay Later Revolution with Explainable AI-Powered Offering
By David Penn Posted on
Categories: Alumni News, Daily news, Temenos

Just when you might have thought that the momentum behind the Buy Now Pay Later phenomenon might be waning, banking software company Temenos announced today that it is launching its own BNPL offering.

Temenos brings its patented Explainable AI technology to the BNPL party with its Temenos BNPL. The company says that the new solution will give banks and fintechs new revenue opportunities, enable them to access new markets, and strengthen their relationships with both customers and merchants with its ethically-driven lending program.

“In an extremely competitive market, financial services providers need to evaluate new business models to drive revenue,” Temenos CEO Max Chuard explained. “As the strategic technology provider for over 3,000 banks worldwide, we are committed to empowering our clients to pioneer and adopt those new, profitable business models. Buy-Now-Pay-Later has shown the industry that we can come up with new solutions to old problems.”

Temenos BNPL brings transparency to the automated decision-making and credit offer-matching aspect of the Buy Now Pay Later process. Courtesy of embedded Explainable AI, the technology allows clients to pre-approve loan applications or offer variable installments in real-time, contingent on pre-determined criteria. The technology offers visibility into the credit decisioning and provides a recommended payment timetable during the application process so the borrower can be assured of being able to make the repayments as scheduled.

Temenos BNPL is core banking system agnostic – accessible via the Temenos Banking Cloud, which means that institutions and businesses can deploy the technology along with Temenos Transact or any other core banking system. In a statement, Temenos noted that one company – “a global payments provider” – went live with its own Temenos BNPL-based Buy Now Pay Later service and received 22 million loan applications in nine months. The product launch was reportedly the fastest and most successful in the company’s history. It was also especially popular with customers, 70% of whom are repeat users of the technology with 50% using the technology more than once within three months.

“(Buy Now Pay Later) has challenged the way we think about customer engagement, acquisition, and retention,” Chuard said. “We are very excited to launch this new solution to enable our clients to offer alternative financing that is fast, seamless, and scalable.”

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If You Can’t Beat Them, Join Them: SoFi Earns Bank Charter

If You Can’t Beat Them, Join Them: SoFi Earns Bank Charter
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, SoFi

Digital banking platform SoFi is leaving the ranks of its challenger banking competitors to become a fully fledged bank. The California-based fintech announced today it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) and the Federal Reserve to become a bank holding company.

SoFi CEO Anthony Noto called today’s regulatory approval an “incredible milestone,” adding, “With a national bank charter, not only will we be able to lend at even more competitive interest rates and provide our members with high-yielding interest in checking and savings, it will also enhance our financial products and services to ensure they efficiently meet the needs of our members, business partners, and communities across the country, while continuing to uphold a high bar of regulatory standards and compliance. This important step allows us to add to our broad suite of financial products and services to better be there for our members during the major financial moments in their lives and all of the moments in between.”

The approval comes with one contingency. The OCC said that SoFi Bank may not engage in any crypto-asset activities or services. SoFi currently offers a crypto wallet and trading platform, but as it is held under SoFi Digital Assets, LLC, the OCC’s contingency shouldn’t be an issue.

This approval comes in the wake of SoFi’s proposed acquisition of Golden Pacific Bancorp, a Sacramento, California-based bank holding company with consolidated assets of $150 million. The deal, originally announced in March of last year, is set to close next month for $22.3 million.

After the acquisition closes, SoFi plans to maintain Golden Pacific’s community bank business and footprint, including its three physical branches. Additionally, SoFi will help Golden Pacific pursue its national, digital business plan by contributing $750 million in capital.

As with most digital banks, SoFi relied on partnerships with traditional banks to hold deposits, issue loans, and provide FDIC insurance. Until next month’s acquisition closes, SoFi’s partner banks include Bank United, National Association; MetaBank Sioux Falls, SD; HSBC Bank USA, National Association; EagleBank, Bethesda, MD; East West Bank, Pasadena, CA; TriState Bank Capital Bank, Pittsburgh, PA; and Wells Fargo Bank, N.A, Sioux Falls, SD.

SoFi Technologies will continue to be traded on the NASDAQ under the ticker SoFi, but it will become the parent company of SoFi Bank, National Association. SoFi was founded in 2011 and has a current market capitalization of $11.4 billion. The fintech went public last year after a SPAC merger with Social Capital Hedosophia Holdings V.

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Personetics Scores $85 Million in Growth Funding

Personetics Scores $85 Million in Growth Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Personetics

Courtesy of an investment from Thoma Bravo, personalization and customer-engagement solution provider for financial services companies Personetics has raised $85 million in growth funding. Updated valuation information was not disclosed.

Calling data-driven personalization and customer engagement “the battleground for financial institutions” worldwide, Personetics CEO and co-founder David Sosna said that banks and financial services providers are rightly moving toward a more proactive relationship with their customers. “Personetics provides financial institutions with the most comprehensive engagement platform on the market, enabling agility and differentiation with an agile delivery for quick business impact,” Sosna said.

Personetics’ technology boosts customer engagement by analyzing financial data in real-time, learning financial behaviors, anticipating needs, and then acting on the user’s behalf. The company’s enriched data, actionable insights, financial advice, and automated wellness solutions can be used by retail banks, small businesses, wealth management firms and others to increase digital customer engagement by as much as 35%, account and balance growth of 20%, and realize gains of 17% in the adoption of personalized recommendations and advice.

Making its Finovate debut in 2016 at FinovateEurope in London, Personetics raised more than $160 million in funding last year from investors including Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners, and Warburg Pincus. In the fall of 2021, the company announced a partnership with Europe-based financial services group KBC to increase customer engagement on the firm’s mobile app. Last spring, Personetics unveiled its patented, automated cash-flow based savings solution – Pay Yourself First – which has been integrated into U.S. Bank’s mobile app. Note that U.S. Bank won Best Customer Experience at the Finovate awards in 2019 for its mobile banking technology.

“Personetics’ PYF intelligent algorithms take the guesswork out of setting money aside for saving or investing and acts on behalf of customers,” Personetics President for Americas Jody Bhagat said. “It’s another example of how Personetics is helping financial institutions deliver hyper-personalized solutions for their customers, and bringing to reality its vision of Self-Driving Finance.”

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SpyCloud Unveils its Identity Risk Engine

SpyCloud Unveils its Identity Risk Engine
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, SpyCloud

FinovateFall Best of Show winner SpyCloud has launched its latest solution to combat online fraud. The SpyCloud Identity Risk Engine, unveiled this week, analyzes billions of data recaptured from the dark web to help businesses and financial institutions make faster, more accurate, real-time fraud mitigation decisions.

What’s unique about SpyCloud’s approach to fighting fraud is the company’s focus on identifying credentials that have been exposed during data breaches and are actively being traded in the criminal underground. These exposed credentials are sold to fraudsters on the black market or used by the hackers themselves to steal confidential information, access secure systems, or commit fraud. Because many of these sources of stolen credentials cannot be readily accessed by automated software tools or web crawlers, SpyCloud uses a combination of technical innovation and human intelligence to find and recapture data from online criminal communities. The company also gives businesses and financial institutions access to the kind of authentication systems that will help defend them against cyberattacks that leverage stolen credentials such as account takeover (ATO), identity fraud, and new account fraud.

With the release of its SpyCloud Identity Risk Engine, SpyCloud gives businesses in financial and ecommerce services actionable, predictive fraud risk assessments based on breach data and stolen credentials that have been recaptured from the dark web. The technology combats difficult-to-detect challenges including data harvested by malware and the use of synthetic identities. SpyCloud Identity Risk Engine also gives businesses insight into which customers have the highest risk of account takeover due to risk factors such as exposed credentials or weak password protocols.

Businesses place the Identity Risk Engine at their most critical points of potential fraud (i.e., at account opening, login, transactions, etc.). From there, all that is required is an API query using an email address or phone number. SpyCloud then scans billions of recaptured data points to deliver a risk score that enables businesses to make more accurate fraud decisions. SpyCloud has recaptured more than 145 billion breached assets, more than 30 billion email addresses, and more than 25 billion total passwords. The company’s technology collects 50+ breach sources every week.

Winner of Built In Austin’s Best Places to Work for a second year in a row, SpyCloud was founded in 2016 and made its Finovate debut one year later. The company was featured in Fast Company’s inaugural Next Big Things in Tech roster last fall and, in October, SpyCloud announced a partnership with Houston, Texas-based identity and access management solution provider Identity Automation to help schools fight ransomware threats.

“Preventing ransomware is possible by negating the top attack vector: credentials that have been exposed in data breaches,” SpyCloud SVP of Business Development Cassio Mello explained. “This service gives schools early identification of compromised accounts, enabling them to take action quickly and prevent cyber attacks that leverage recently-breached identity data.”

SpyCloud has raised $58.5 million in funding from investors including Centana Growth Partners, Microsoft’s Venture Fund M12, March Capital, and Silverton Partners. Ted Ross is co-founder and CEO.

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Ford Inks 5-Year Deal with Stripe

Ford Inks 5-Year Deal with Stripe
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news

Remember when Andreessen Horowitz’s Angela Strange said that every company will be a fintech company? Though there has been much debate over the now-infamous catchphrase, there is news this week from automaker Ford Motor Company that further proves its truth. Ford announced it has signed a five-year partnership agreement with ecommerce technology company Stripe.

Ford aims to leverage Stripe to scale its ecommerce capabilities. “Stripe’s platform will help us deliver simpler, outstanding payment experiences in any channel customers choose and scale improvements faster,” said Ford CEO Marion Harris.

Under the deal, Stripe will process ecommerce payments for Ford’s personal and commercial customers. Beginning in the second half of this year, Stripe will power vehicle ordering, reservations, digital functions, and charging services. Stripe’s payment services will also be brought into Ford’s tech stack as the automaker develops more ecommerce offerings.

Specifically, Ford will implement Stripe Connect, a set of programmable APIs that helps businesses facilitate purchases between third-party buyers and sellers, to scale new ecommerce services. Ford will use Connect to facilitate payments between customers and their local Ford or Lincoln dealer. Among Stripe’s other customers for its Connect tool are Squarespace DocuSign, Mindbody, and Jobber.

The deal comes at a time when shoppers are more willing than ever to try digital experiences. “During the pandemic, people got comfortable paying online for groceries, health care, even home haircut advice from barbers,” explained Stripe CRO Mike Clayville. “Now, they expect to be able to buy anything and everything online. Ford is making ecommerce possible, too, and scaling that strategy with Stripe’s help.”

Founded in 2010, Stripe has millions of customers. Today’s partnership with Ford, however, marks one of the biggest deals the California-based fintech has landed. During a funding round last March, Stripe’s valuation was boosted to $95 million, ranking it among the most valuable fintech startups.

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Digital Investment Platform WealthKernel Secures $7 Million in Funding

Digital Investment Platform WealthKernel Secures $7 Million in Funding
By David Penn Posted on
Categories: Daily news, Funding

Digital investment services and infrastructure company WealthKernel secured $7 million in Series A+ funding to start the week. The round was led by XTX Ventures and featured participation from Digital Horizon, Big Start Ventures, and ETFS Capital. The U.K.-based company said that it will use the capital to fuel expansion across Europe.

“I’m incredibly excited to take this next step in WealthKernel’s journey,” WealthKernel CEO Karan Shanmugarajah said. “Our investors’ backing will not only help us bring our product to a wider audience and expand our platform, but also achieve our goal of becoming the leading provider of API-based wealth and investment infrastructure across Europe.”

WealthKernel offers businesses the building blocks they need to power their digital investment offering. From client onboarding and trading to portfolio management and custody, WealthKernel enables neobanks, roboadvisors, PFM apps, and embedded finance platforms to focus on building their brand and customer experience while leaving the heavy lifting to WealthKernel’s all-in-one investing API.

“We often describe what we do as the plumbing for wealth management companies,” Shanmugarajah explained. “The current industry is built on leaky legacy pipes and that leakage directly impacts the savings and pensions of millions of people, particularly those with smaller sums of money. Our mission is to enable the change that makes financial services and investing better for everyday people.”

This week’s Series A+ round is an extension of the company’s $6 million Series A round from 2020. In addition to supporting the company’s growth plans in Europe, the funding will enable WealthKernel to expand its investing infrastructure to accommodate intraday trading, as well. The company currently has $13.9 million in total equity funding according to Crunchbase.

A leading embedded investing solution provider in the U.K., WealthKernel’s platform supports more than 100,000 transactions a month, and more than 72,000 trades per month are executed using its technology. The company’s clients include U.K.-based financial coaching app Claro Money, Sharia-compliant ethical investment platform Wahed, and wealth management service provider Rosecut. More recently, WealthKernel has forged partnerships with GOODFOLIO, an ESG-based investment platform, and investment app Stratiphy, which offers personalized investment and trading strategies. WealthKernel was founded in 2015.

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