British WealthTech WealthOS has secured £2 million during a seed funding round led by Barclays.

WealthOS is a UK-based start-up that provides modern middle- and back-office technology to the savings, investment, and retirement industries.

Its technology supports features such as fully compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, and projections.

The company said that of the total £4 million raise, it has successfully raised £2 million during the first closing of the round.

It has a view to complete the second closing “imminently”.

The start-up said it would use the investment to further “develop its platform and accelerate its market penetration”.

“Our investment demonstrates our ongoing commitment to opportunities arising from our Rise Growth Academy and aligned with Barclays’ Innovation Thesis," said co-head of principal investments at Barclays, Andrew Challis. "We’re excited to back [WealthOS chief executive] Anton and his team in their next phase to unlock their full potential for scaling the business.”

In addition to Barclays, Singapore-based VC fund nVentures, Chris Adelsbach (founding partner – Outrun Ventures, venture partner – Techstars), and John Donohoe (chief executive – Carne) participated in the round.

They joined existing 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,” said chief executive and co-founder of WealthOS 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.”

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