US financial technology company Alpaca announced on Thursday morning that it has acquired British company WealthKernel.
Based just outside of San Francisco, Alpaca has become one of the major connectivity providers for neobrokers and other financial institutions over the last decade, alongside rival firm DriveWealth.
The company’s main service is providing backend technology that lets brokers connect to different financial markets.
For example, if you are a stockbroker in the UK, you can use Alpaca to get access to US equities and options exchanges. The company also offers companies access to crypto trading.
Alpaca expands into the UK with WealthKernel
WealthKernel provides a similar set of services but is focused on the UK market.
The company has a number of different corporate solutions, which covers both technology and compliance.
For example, a retail stockbroker can use WealthKernel to offer tax-efficient accounts to its end users.
A start up could also use the firm’s compliance umbrella – as an appointed representative – to access UK markets.
“WealthKernel has gained a highly regarded reputation in the UK and EU through working closely with a number of notable financial institutions,” Alpaca said in a statement. “Having long supported our European customers, this acquisition allows us to better support and serve you, acting as an authorized broker-dealer through WealthKernel’s licenses.”
