Fox Williams has advised wealthtech firm WealthKernel Limited on its acquisition by US-based AlpacaDB, Inc. The deal exchanged on 29 June 2025 and is subject to regulatory approvals from the Financial Conduct Authority (FCA) in the UK and the Comisión Nacional del Mercado de Valores (CNMV) in Spain.
WealthKernel is a leading embedded investment infrastructure provider, enabling digital wealth services via API for fintechs and financial institutions. Its comprehensive suite includes client onboarding, brokerage and trading services, fractional share capabilities, custody, and portfolio management tools.
This strategic acquisition marks Alpaca’s expansion into the UK and EU markets and enhances its global embedded finance offering. The transaction involves a cross-border element, with the purchaser headquartered in the US and WealthKernel operating a regulated subsidiary in Spain.
Fox Williams advised WealthKernel on all aspects of the deal. The team was led by Guy Morgan, supported by a cross-disciplinary team comprising Stephanie Tsang, Alex Canning, Anna Colquhoun, Emma Bailey, Kaleem Khan, Jonathan Segal, and Jaanvi Lilapurwala.
Ashurst and Lowenstein Sandler LLP acted for the purchaser, AlpacaDB, Inc.
This transaction continues Fox Williams’ strong track record in the fintech sector, following its recent work on transactions involving digital finance, investment platforms, and API-based financial services.
Guy Morgan, Corporate Partner at Fox Williams, commented: “It has been a pleasure to support WealthKernel on this important milestone in its growth journey. The transaction reflects the strength and global relevance of WealthKernel’s embedded investment platform and underlines our expertise in advising fintech clients on complex cross-border M&A deals.”
