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Legal 500, 2022

Harbottle & Lewis advises WealthOS on investment from Barclays

Harbottle & Lewis has advised WealthOS, a cloud-native and API-driven core wealthtech firm, in relation to its institutional seed funding from Barclays and other leading fintech investors to propel the next phase of its growth. Of the total £4m raise, the company has successfully raised £2m in the first closing of the round, with a view to completing the second closing imminently. It will use this investment to further develop its platform and accelerate its market penetration.

In addition to Barclays, Singapore-based VC fund nVentures, Chris Adelsbach (founding partner, Outrun Ventures; venture partner, Techstars), and John Donohoe (CEO, Carne) participated in the round, along with current investors Mike O’Brien (NED, Abrdn and Carne; ex-JP Morgan; ex-BGI/BlackRock) and John Herlihy (Chair, Carne; ex-Google; ex-LinkedIn).

WealthOS is a UK-based company that provides modern middle- and back-office technology to the savings, investment and retirement industries. It provides the technology required for supporting features such as fully compliant client onboarding, tax-wrapper administration, portfolio management, rebalancing, trading, settlement, end-to-end recordkeeping, reconciliation, fee computation, account transfers, projections and more.

By using the latest cloud-native technology as well as continuous integration and continuous delivery (CI/CD) methodologies, WealthOS can reduce the infrastructure and running costs for organisations by over 40% while offering elastic scalability and best-in-class security. The platform’s modular architecture lets organisations quickly augment one or more of its solutions with minimal disruption to their existing tech stacks.

WealthOS’s API-driven approach enables organisations to develop digital wealth management products and features at least three times faster than traditional wealthtech platforms. WealthOS also recently launched the UK’s first and only cloud-native, API-driven self-invested personal pension (SIPP) drawdown technology that will enable DC pension providers to offer fully digital retirement propositions to their clients.

Tony Littner, Head of the Venture Capital and Startup Group at Harbottle, together with senior associate Katerina Capras, advised WealthOS on the transaction with support principally from associate Xander Walters.

Tony Littner commented: “WealthOS’s mission is to upgrade the technology infrastructure for the wealth management industry. It is a huge testament to Anton and his team that he has managed to secure investors of the calibre of Barclays to support his mission and we were delighted and proud to have been involved and look forward to working with the company as it continues to scale.”

On working with Harbottle, CEO and co-founder of WealthOS Anton Padmasiri said: “I was very pleased to have Tony Littner and his team support us through this transaction. They understood the dynamics involved with supporting an early-stage startup like WealthOS very well and provided us with the highest quality guidance needed to navigate such a transaction successfully. My team and I benefited from Harbottle’s extensive experience in supporting UK tech firms raising funds from VCs as well as strategic investors.”

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