Wealth8 launches investment app for black communities
Inclusive investment service migrates to WealthKernel’s APIs for UK app launch
WealthKernel, a wealthtech provider for digital investment services, today announces it has extended its partnership with inclusive investment service, Wealth8, which has migrated its investment offering to WealthKernel’s trusted APIs.
After initial success following its business launch earlier this year, Wealth8 is now using WealthKernel’s investment APIs to launch its new mobile app, which sees it benefit from increased flexibility, faster onboarding for its customers, and cross-platform functionality across its desktop and mobile user experiences.
Previously, Wealth8 used WealthKernel’s white-label robo advisor via a single, desktop experience, providing its customers with stocks & shares ISAs, general investment accounts and a suite of portfolios created by BlackRock. As an Appointed Representative of WealthKernel, Wealth8 also sits under WealthKernel’s regulatory umbrella, allowing it to provide services to its users until it is directly authorised by the FCA.
Headquartered in the UK, Wealth8 is a wealth-management platform helping to connect people with wealth and investment opportunities, by providing easy access to global investment products. Its new investment app, available now in the UK, will support wealth creation, and provide financial education services for black and multi-ethnic investors in the UK.
Karan Shanmugarajah, CEO of WealthKernel, says:
“Wealth8 is a prime example of how we as an industry should be tackling conversations around wealth, equality and inclusion. By helping bring more financial businesses like Wealth8 to market, we can bring investment and wealth creation services to underserved communities, while challenging the misconceptions that wealth management should be limited to those with significant amounts of money. We’re incredibly excited to be supporting Wealth8 on their journey, and wholeheartedly support their mission to tackle growing financial inequality across the UK.”
David Fisayo, Co-Founder and COO at Wealth8, says:
“We believe that investing and building wealth should be for everyone. It's time to bridge the wealth gap for those who have been traditionally overlooked or underserved in the area of investments. Wealth8 has launched its iOS and Android mobile app, which is now available for early access. To celebrate our launch and black history month, we are running a #MyWealthIs campaign to document the black wealth experience with unscripted reflections on what wealth means within the black community—taking the opportunity to put a positive light on wealth creation within the black community.
WealthKernel has been an exceptional partner and enabled us to bring our vision to life by utilising their technology platform and infrastructure. They have an experienced and committed team that invested in understanding our vision, customers and worked with us to leverage their tools to power our digital wealth offering.”
The launch of Wealth8’s new app coincides with Black History Month, an annual observance and celebration of black heritage and culture. According to a 2020 report by the Resolution Foundation, people of Black African ethnicity typically hold the lowest wealth (a median figure of £24,000 family wealth per adult), which amounts to less than one eighth of the typical wealth held by a person of White British ethnicity. In light of this, Wealth8 aims to give individuals from traditionally overlooked, or underserved backgrounds better access to finance and help address growing wealth gaps across the country.
