31/03/22 Wealth8 has expanded its investment offering with the introduction of a J.P. Morgan Asset Management (JPMAM) sustainable ETF to the platform’s current line-up. As of 1 April 2022, Wealth8 customers will be able to access the JPM Carbon Transition Global Equity UCITS ETF (ticker: JPCT).
JPCT will offer investors at least 30% less carbon intensity than the MSCI World Index, and a year-on-year decarbonisation target of at least 7%, in line with the European Union’s Climate Transition Benchmark framework for sustainable investing.
With the financial performance of sustainable investment opportunities and better understanding of the role companies can play in positively impacting society, Wealth8 believes their community will benefit from having access to these investment options as the new ISA season approaches.
Edward Malcolm, Head of UK ETF Distribution at JPMAM, said: “We’re excited to be working with Wealth8 and supporting the sustainable investment goals of Wealth8 customers. As a growing number of investors explore the carbon transition readiness of their investment portfolios, many are keen to embark on this journey while maintaining broad diversification, a low tracking error and cost-efficiency. Our carbon transition global equity ETF has been designed to unite these needs as part of a sustainable ETF solution.”
There is ample evidence that there needs to be greater awareness and understanding among the British public, and in our institutions, of the inextricable links between climate change, race and ethnicity. Climate change disproportionately impacts black and brown people and communities around the world. According to academic research by Friends of Earth, air pollution in the UK is concentrated in the 20% of the poorest neighbourhoods in England and areas with a greater proportion of black people. By investing in funds such as JPCT, consumers can affect the impacts of climate change on people of colour in a positive way while still simultaneously achieving their financial goals.
Bimpe Nkontchou, Co-founder of Wealth8, said: “At Wealth8, we aim to close the wealth gap in the UK, and eventually on the African continent, by using fintech to promote financial literacy and provide easy access to investment solutions to an under-served community of black and multi-ethnic people. Our message is that everyone should have the ability to build wealth, even by starting with as little as £8.”
At the end of last year, Wealth8 closed a £350,000 pre-seed round to help build up its resources for expansion in the UK. Starting with a focus on serving the UK and its large African and Caribbean community, the start-up’s plan is to expand into major economies on the African continent such as Nigeria, Ghana and Kenya, to serve a wider range of people who have not previously been able to access these global funds due to various barriers. Investors in the pre-seed round included Tokunbo Ishmael of Alitheia Capital, Ventures Platform, Rising Tide Africa, Bold Angel Fund and a number of notable angel investors.
As the first black-owned investment platform in the UK, Wealth8 was recently nominated for Fintech of the Year at the Black Tech Achievement Awards, which champions black achievement within the technology landscape in the UK.
David Fisayo, Co-founder of Wealth8, adds: “We bring investment and wealth creation services to under-served communities while challenging the misconceptions that wealth management should be limited to individuals with significant amounts of money. J.P. Morgan has a long history of supporting the financial health of under-served communities through their Advancing Black Pathways and other programmes, recognising the importance of tackling conversations around wealth, equality and inclusion. We’re excited to have J.P. Morgan on board and to benefit from their experience and expertise to support our mission.”
Wealth8 is a digital savings and investment app that provides simple, affordable access to global investment funds and offers tailored financial education. Wealth8 believes that all individuals regardless of background, should be able to manage their finances and invest in the global markets to reach their financial goals. Wealth 8 Limited (FCA ref no. 934478) is an Appointed Representative of Wealth Kernel Limited (FCA ref no. 723719), which is authorised and regulated by the Financial Conduct Authority.