WEWealthKernel Financial Model
Fintech Startup Financials (Free Excel Download)
API-first "Investing as a Service" infrastructure platform for Europe, enabling businesses to embed investment products without building regulatory or custody infrastructure themselves.
professionals from Deloitte
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About this model
WealthKernel is API-first Investing as a Service infrastructure for Europe, allowing businesses to embed investment products without building custody, regulatory, or operational infrastructure themselves. It provides the rails behind investing experiences rather than directly marketing a consumer broker.
Its revenue spans trading, custody, tax wrappers, payments, regulatory services, and software. Some lines scale with assets under administration or transaction volume, while others are platform or account fees, creating a broader mix than a pure SaaS API provider.
The model should forecast platform clients, end-investor accounts, AUA, trades, wrapper accounts, and service adoption by product. Apply separate custody basis points, transaction fees, regulatory-service fees, and software ARR, then model custody, clearing, and compliance costs below each revenue stream.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About WealthKernel
How to build a detailed financial model for WealthKernel
A complete walkthrough of the business, drivers, and assumptions behind the downloadable WealthKernel model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Modular API platform providing every building block needed to launch an investment application
- Stacked into four layers: Infrastructure (custody, trading, payments, accounts), Products (funds, pensions, portfolios, stocks & shares), Auxiliary (data, KYC/AML, front-ends), Regulatory (advisory, reporting, regulatory umbrella, wrapper administration)
- Positioned as "AWS for investing infrastructure"
- Core value proposition: faster time-to-market and lower cost for clients building investment propositions
Revenue model
Six named revenue streams:
- Trading - likely per-trade or spread-based fee on order flow passed through platform
- Custody - likely basis-point fee on AUA (assets under administration) held on platform
- Tax wrappers (ISA, SIPP, GIA) - wrapper administration / annual account fee per end-user account
- Payments - per-transaction or monthly fee for payment rails
- Regulatory services - fee for regulatory umbrella / FCA permissions pass-through
- Software - SaaS licence fee (platform access, API calls, or seat-based)
No pricing rates, basis points, or per-unit figures provided in deck.
Competition / moat
Not explicitly stated. Implied moats:
- Regulatory umbrella / FCA permissions are hard to replicate
- Deep financial-infrastructure expertise on team (Barclays, BNP Paribas, Morgan Stanley pedigree)
- Referenced competitive context: Robinhood cancelled UK launch; Revolut restricted from LSE stocks - used to illustrate regulatory difficulty rather than name direct competitors
Team & funding ask / use of funds
Team:
- Karan Shanmugarajah, CEO - ex-Barclays Portfolio Manager ($500m AUM), CFA, 15 yrs exp.
- Joe Campbell, CTO - ex-Barclays Wealth Dev Lead, ex-BNP Paribas Basel III Architect ($3Tr), 20 yrs exp.
- Chris Wright, Head of Engineering - ex-Morgan Stanley HF trading, MEng Cambridge, 21 yrs exp.
- Chris Barton, Director of Operations - ex-Barclays Head of Centralised Investment Management ($1.6B AUM / 30,000 accounts), 16 yrs exp.
- Macu Gene, People Operations - ex-Kleinwort Benson & Falcon Private Bank, 12 yrs exp.
Funding ask:
- Raising: $5–10m
- Use of funds: European expansion + intraday trading API functionality
- Existing investors: ETFS Capital, Seedcamp
Recommended financial model
- Archetype + why: B2B financial infrastructure / multi-revenue-stream platform model. Revenue splits across (a) AUA-based basis-point custody/trading fees - scales with client AUA growth - and (b) SaaS/platform licence fees + per-service charges (regulatory, payments, tax wrapper administration). This is closest to a fintech infrastructure 3-statement model with an AUA-driven revenue waterfall, analogous to a custodian/platform model (similar to FNZ, Seccl, or Brokerage-as-a-Service comps).
- Forecast horizon & granularity: 5 years (2022–2026 given 2022 deck); monthly for Year 1–2, quarterly for Year 3–5. Monthly needed to track onboarding ramp of B2B clients and AUA build.
- Key drivers & assumptions:
*Client pipeline (B2B)*
- Number of active B2B clients (startups, banks, pension providers) at end of each period
- Average ramp time from contract to go-live
*AUA driver (custody + trading revenue)*
- AUA per B2B client (total end-user assets intermediated)
- AUA growth rate per client cohort
- Custody fee rate on AUA
- Trading fee per transaction (or spread)
- Average trades per account per month
*SaaS / platform licensing*
- Monthly platform licence per B2B client
- Regulatory umbrella / FCA pass-through fee
*Tax wrapper / account administration*
- Number of end-user accounts on platform (driven by B2B client growth)
- Per-account wrapper administration fee
*Payments*
- Payment volume per client
- Payment fee rate
*Cost structure*
- Headcount: Engineering, Compliance, Operations, Sales - key cost driver
- Average fully-loaded cost per employee
- Regulatory / licensing costs (FCA fees, PI insurance)
- Technology / infrastructure (cloud, data, third-party APIs)
- Cost of funds raise: £5–10m runway allocation split between EU expansion (headcount, local licensing) and intraday trading build
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: slow B2B client onboarding (3–4 clients in Y1, 10 by Y5), low AUA per client, pricing pressure drives custody fees to low end
- Base: 5–6 clients in Y1, 25 by Y5, mid-range AUA and fees
- Bull: 2–3 large bank/pension partnerships signed early drive AUA surge; intraday trading launch accelerates trading revenue; EU expansion adds parallel client base
- Required sheets / outputs:
- Assumptions - all drivers listed above with scenario toggle (Base/Bull/Bear)
- B2B Client Cohort Table - clients by vintage, AUA ramp, revenue per client
- Revenue Build - broken out by stream: Custody fees, Trading fees, SaaS licence, Regulatory services, Payments, Tax wrapper admin
- Headcount & OpEx Plan - by department, tied to hiring plan
- P&L (Income Statement) - Revenue, Gross Profit (after direct regulatory/custody pass-through costs), EBITDA, Net Income
- Cash Flow - operating cash burn, runway from raise
- Balance Sheet - simplified (cash, receivables, equity)
- Runway / Burn Dashboard - months of runway vs. milestones
Frequently asked
Is the WealthKernel financial model free?+
Yes. The WealthKernel model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from WealthKernel's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
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