WealthKernel, the Wealthtech platform of digital investment solutions, reveals that it has teamed up with Topia, a UK-headquartered app provider that aims to empower Millennials who want to reach financial freedom and retire early.
Through the partnership, Topia will be using WealthKernel’s investing API and regulatory umbrella to provide SIPP and ISA investing accounts to market in order to support its personal finance product offering.
Topia, which claims to be one of the UK’s best personal finance apps, is established on the belief that everyone should be able to make the most out of their lives, and has been created around helping people reach financial wellbeing and independence.
As reported by Finextra, the app is based on the FIRE movement (Financial Independence Retire Early), and intends to improve how Millennials view the long-term timeline of their lives by assisting them with gaining financial independence early on in their lives to they are able to reach retirement a lot sooner.
The FIRE movement is notably becoming a popular trend in the United Kingdom, which calls into question why we should be retiring at the typical age of 65. By allocating as much as 70% of their earnings to savings, the followers of the movement aim to leave their jobs and live mainly via small withdrawals made from their portfolios, which would be many years before they turn 65.
Topia’s announcement has come after confirmation that the pension triple lock will get suspended starting from 2022, which makes the prospect of depending on a pension quite unattractive, the announcement noted.
Topia will be using WealthKernel’s ISA and SIPP tax wrapper APIs, along with its portfolio management and trading capabilities to support the app. As a designated representative of WealthKernel, Topia will reportedly use its regulatory umbrella to introduce various other services, while not having to carry out an in-house completion of the time-consuming Financial Conduct Authority (FCA) accreditation process.
Karan Shanmugarajah, CEO at WealthKernel, added:
“It’s incredibly important to open people’s eyes to the savings vehicles that are available to them beyond traditional pensions – whether that’s SIPPs, ISAs or other investment products. Using our simple, flexible, scalable technology and regulatory integrations, WealthKernel is able to help forward-thinking companies like Topia make financial security accessible every day. We’re excited to be supporting them in empowering more consumers to reach financial security in their own time, and on their own terms.”
Logan Leckie, Founder and CEO at Topia, remarked:
“We are very much focused on building a fantastic product for our community and helping everyone understand and reach financial freedom. With WealthKernel’s Appointed Rep service, the opportunity to come to market much faster was fantastic. Topia will now be able to dedicate more time and resources towards enhancing our FIRE offering. We are also excited to launch the Topia FIRE fund using WealthKernel’s services and begin our journey.”