22 October 2017

UK wealth management startup Nutmeg raises $32 million

25 June 2014  |  6244 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  |  7086 views  |  0 comments | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13517 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12452 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9604 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9262 views comments | 11 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8618 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job