Inclusive investment start-up Wealth8 partners WealthKernel to launch new app
Inclusive investment service Wealth8 has partnered with technology provider WealthKernel to launch a new mobile investment app for black and multi-ethnic communities.
The two firms have worked together previously, with Wealth8 utilising WealthKernal’s white-label robo-advisor via its desktop platform.
Wealth8, which launched last year and aims to connect customers with wealth and investment opportunities, has now migrated its investment offering to WealthKernel’s APIs, which the latter says will allow for faster onboarding and cross-platform functionality with the new app.
Founded in 2015, WealthKernel provides an API investment platform offering brokerage, trading and custody services to companies looking to offer digital investment services.
Wealth8 aims to give individuals from traditionally overlooked or underserved backgrounds better access to finance and help address growing wealth gaps. It currently provides customers with stocks and shares ISAs, general investment accounts and a suite of portfolios created by BlackRock.
According to a 2020 report by the Resolution Foundation, people of Black African ethnicity typically hold less than one eighth of the typical wealth held by a person of White British ethnicity.
WealthKernel CEO Karan Shanmugarajah says: “By helping bring more financial businesses like Wealth8 to market, we can bring investment and wealth creation services to underserved communities.”