Home Technology Wahed migrates to WealthKernel’s APIs to support UK app launch

Wahed migrates to WealthKernel’s APIs to support UK app launch

by maria

Halal-focused investment firm extends partnership with WealthKernel to use flexible investment APIs

London, UK: WealthKernel, a wealthtech provider for digital investment services, today announces that US halal and ethical focused investment firm, Wahed, has migrated its investment offering entirely to WealthKernel’s trusted APIs. Wahed initially partnered with WealthKernel in 2017 to utilise its white-label service and build the world’s first automated halal robo-advisor.

Following exceptional growth, and to support its new app launch in the UK, Wahed has now migrated entirely to use WealthKernel’s APIs. The migration will see Wahed benefit from increased flexibility beyond its current white-label solution – allowing it to build an exceptional user experience, and easily integrate investment capabilities via WealthKernel’s APIs. Wahed’s customers will also benefit from a more unified experience across its desktop, and mobile app – allowing them to quickly onboard and complete KYC checks with simple photo capture and document upload features.

Wahed is currently using WealthKernel’s vertically-integrated investment infrastructure to help it deliver simple, affordable and halal investment services to its customers. This partnership sees WealthKernel providing KYC, trading, portfolio management & rebalancing, custody, and ISA tax wrappers for Wahed’s users in the UK.

Launched in 2017, US-headquartered Wahed provides halal investment services to 130 countries across the world. Its ethical and halal approach means its portfolios do not invest in certain companies, such as those involved with gambling, tobacco or alcohol. Wahed was also responsible for launching the first exchange-traded halal fund in the US. Following its acquisition of UK-based fintech, Niyah, in 2020, the firm is seeking to become a ‘one-stop-shop’ for socially responsible financial products and services.

Karan Shanmugarajah, CEO of WealthKernel, says:

“Having supported Wahed from early-on in its journey, it’s incredibly exciting to not only see how their business has grown since then, but also that we are now helping them to take their offering to the next level. Wahed is a prime example of the kind of investment business that WealthKernel wants to help empower – as someone bringing accessible financial services to underserved markets, with responsible investing, and exceptional customer experience at its core. By using our APIs, Wahed will now be able to affordably, and efficiently deliver investment services to its customers via its new app.”

Umer Suleman, UK General Manager of Wahed, says:

“Our relationship with WealthKernel over the years has allowed us to bring Wahed’s vision to our customers at a competitive pace. Through working with WealthKernel, Wahed has been able to specifically tailor the services it provides to its customers, and bring them an investment product they can have full faith in. With our new app now launched in the UK, we hope to further encourage not only Muslim investors to engage with us, but also those looking to make socially responsible investments.”

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