WealthKernel's new service provides a new API product wrapper, piece of software linking two services digitally to enable digital integration with existing SIPPs.

The firm says the new offering will enable clients to provide a regulated, digital-first proposition while also still offering the option of paper-based pension transfers where required.

WealthKernel believes its digital service will help SIPP providers reach younger “digitally native” consumers.

Penny, a pension-tech firm that uses automation technology to help users find and transfer their pensions savings into one place, is one of the first businesses to adopt WealthKernel’s digital SIPP. Penny will use the product to offer its users additional retirement options alongside their traditional pension pots. 

Karan Shanmugarajah, CEO of WealthKernel, said: “SIPPs are an incredibly valuable savings vehicle that allow people to have more say over how their pensions are invested, and we’re thrilled to be helping bring them to a wider audience. 

“Thanks to seamless integration with our APIs, fintechs large and small will be able to support their customers with greater flexibility for their retirement savings.  We look forward to working with the likes of Penny and many other forward-thinking businesses to help improve access to wealth management services.”

WealthKernel was founded in 2015 and is a supplier of “investment infrastructure” for companies looking to offer digital investment services. It has offices in London Nottingham, and Madrid, and is backed by ETFS Capital, LCIF, and Seedcamp. The firm is regulated by the Financial Conduct Authority.