28 June 2017
visit www.finastra.com

UK wealth management startup Nutmeg raises $32 million

25 June 2014  |  6054 views  |  0 golden egg

UK wealth management startup Nutmeg has raised $32 million in new capital as it looks to expand its business.

The latest capital raise means the business has now attracted a total of $50m of shareholder investment. While existing investors include Tim Draper and Daniel Aegerter from Armada Investment Group, new investors include Carphone Warehouse founder Charles Dunstone, asset management house Schroders, and venture capitalist firm Balderton.

The new funding comes on the back of a busy year for Nutmeg, which offers portfolio management services to anyone with as little as £1000 to invest. It now has over 35,000 registered users and customer acquisition in Q1 was 350% up on the same period last year. The new capital raised will primarily be spent on customer acquisition and product development.

The two-year old firm was founded by Nick Hungerford, a Stanford MBA with a blue chip wealth management background, and William Todd, a financial services software expert who has built derivatives exchanges across Europe and Asia.

Tim Draper, Silicon Valley entrepreneur and start up investor, comments: "We're seeing an explosion of exciting new financial technology businesses on the scene, and I rate Nutmeg as among the very best. Incumbents can protest all they want but as soon as I met William and Nick I knew that Nutmeg and companies like it would be the financial services providers of the future."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nutmeg introduces private banking for regular people

Nutmeg introduces private banking for regular people

08 October 2012  |  5836 views  |  0 comments | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.response.ncr.comvisit wavestone-advisors.co.uk

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
11336 views comments | 4 tweets | 5 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
8873 views comments | 19 tweets | 34 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8308 views comments | 9 tweets | 6 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
8289 views 0 | 4 tweets | 2 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job