ikigai, the new premium fintech bringing self-care to personal finance, today announced it has extended its relationship with WealthKernel, choosing them as custodian to safeguard the financial assets of its clients in line with the current permissions of the FCA. Prior to selecting WealthKernel as its custodian, ikigai’s clients’ assets were held by investment platform, Third Financial. 

WealthKernel will be responsible for the custody of money and assets for ikigai’s UK clients, which will be held in separate WealthKernel Nominee Accounts, inline with FCA CASS regulations and guidelines. Alongside custodian services, WealthKernel also handles reconciliation, settlement, dividends, corporate actions processing, and transfers on behalf of ikigai and its clients.  

The custodian partnership will ensure the safety of financial assets held by ikigai’s customers, and allows it to continue delivering on its commitment to best-in-class banking and wealth management services. The announcement comes as a natural extension to ikigai’s pre-existing partnership with WealthKernel, which already provides a number of investment services to the firm.

Maurizio Kaiser, co-founder of ikigai, says: 

 “WealthKernel’s custodian services deliver exactly what we need to remain agile in a fast changing landscape. Its capabilities are a natural fit as ikigai is committed to delivering world-class services using cutting-edge technologies. We are ruthless about client-centricity and, like WealthKernel, are fully committed to transforming banking and wealth management. This partnership means we are able to truly focus on continuously providing the best-in-class products and services to our clients, bringing us a step closer to redefining the future of wealth.”  

Karan Shanmugarajah, CEO of WealthKernel, comments:

“Ikigai is proof that we are the perfect fit for companies that require fast integration and feedback when deploying premium financial services. Our infrastructure enables ikigai to deliver high-touch investment and wealth management services. And by using best-in class, regulated financial technologies, ikigai can offer the asssurities required when managing its clients’ portfolios. We are delighted to extend our relationship, and look forward to seeing how ikigai continues to grow.”

In addition to the new custodian solution, WealthKernel already provides its portfolio management and order management system to ikigai.These integrations help automate investment capabilities such as bulk trade processing, payment flows and portfolio rebalancing, helping ikigai grow its business at scale. The solutions also help remove a layer of human error, and the manual, time intensive processes typically associated with investment services. 

WealthKernel works alongside ikigai’s other API financial partners, such as Railsbank, so that ikigai can focus on delivering best-in-class, premium products and services to its clients.

 The custodian appointment comes ahead of ikigai’s crowdfunding campaign, kicking-off in mid-April, where it aims to raise a further £1.2 million. Previously, ikigai raised £2 million from private and angel investors in a pre-seed round completed in 2020.