US brokerage platform Alpaca is expanding into the UK and EU markets through the acquisition of digital investment infrastructure provider WealthKernel.
Based in London, WealthKernel provides investment, savings, and wealth infrastructure, enabling companies to embed digital wealth and investment services via API. Its suite includes tools for client onboarding, brokerage, trading, fractional stocks, custody, and portfolio management, with current backers including ETFS Capital and XTX Ventures.
The Financial Conduct Authority (FCA) and Comisión Nacional del Mercado de Valores (CNMV) in Spain still need to approve the proposed deal, which once completed will see Alpaca acquire WealthKernel’s UK and EU licenses. Financial terms have not been disclosed.
Alpaca plans to integrate WealthKernel’s brokerage infrastructure along with its wealth management capabilities, including individual savings accounts (ISAs) and self-invested personal pensions (SIPPs), to complement its trading offering.
Alpaca enables developers to embed trading functionality into existing platforms, supporting stocks, exchange-traded funds (ETFs) options, crypto, and fixed income trading.
The company, based in Silicon Valley, California, raised $52 million in Series C funding in April to support what it describes as a “rapid global expansion” strategy. The round was supported by Portage Ventures, Unbound, Derayah Financial, National Investments Company (NIC), and 850 Management.
“With WealthKernel joining us, we’re directly entering the UK and EU, enhancing our support of global institutions that desire regulated investing across borders,” comments Yoshi Yokokawa, CEO of Alpaca.
Source: https://www.fintechfutures.com/
