29 April 2017
Visit EBAday.com

Digital wealth manager Nutmeg raises £30m

14 November 2016  |  4337 views  |  0 20 pound note

UK digital wealth management startup Nutmeg has raised £30 million in a funding round led by Hong Kong-based independent financial advisory firm Convoy.

Convoy is pumping £24 million into the robo-advisor, which now manages over half a billion pounds for over 20,000 customers.

The money will be used to accelerate growth and expand its range of products and services, says the firm, which posted pre-tax losses of £9 million this year, according to the FT.

The round is the largest ever raise for a digital wealth manager in Europe, and the largest fintech fundraise since the UK voted to leave the European Union.

Says UK Chancellor of the Exchequer, Philip Hammond: "Britain is leading the way forward in global fintech...This is another international investment into a home-grown UK company, demonstrating the UK is open for business‎."

Martin Stead, who replaced co-founder Nick Hungerford as CEO in May, says: "We are delighted to welcome our friends at Convoy to our board. Convoy shares our huge ambition for the Nutmeg business and, with these new funds, we will be able to further scale and expand our business, bringing smart online investing and advice to more people."

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

Robo-advisors not ready to replace humans - Credit Suisse exec

Robo-advisors not ready to replace humans - Credit Suisse exec

26 October 2016  |  12076 views  |  6 comments | 19 tweets | 20 linkedin
UBS targets less rich Brits with robo-advisor platform

UBS targets less rich Brits with robo-advisor platform

10 October 2016  |  7045 views  |  0 comments | 13 tweets | 15 linkedin
Nearly half of North Americans open to robo-advice

Nearly half of North Americans open to robo-advice

01 July 2016  |  8922 views  |  0 comments | 21 tweets | 14 linkedin
Big banks join $40 million SigFig round

Big banks join $40 million SigFig round

24 May 2016  |  5468 views  |  0 comments | 8 tweets | 6 linkedin
Robots on the high street: MoneyFarm opens pop-up shop

Robots on the high street: MoneyFarm opens pop-up shop

20 May 2016  |  7598 views  |  0 comments | 7 tweets | 9 linkedin
UBS strikes alliance with robo-advisor SigFig

UBS strikes alliance with robo-advisor SigFig

16 May 2016  |  6898 views  |  0 comments | 10 tweets | 6 linkedin
Robo-advisor Betterment raises $100m

Robo-advisor Betterment raises $100m

29 March 2016  |  4911 views  |  0 comments | 13 tweets | 7 linkedin
UK wealth management startup Nutmeg raises $32 million

UK wealth management startup Nutmeg raises $32 million

25 June 2014  |  5961 views  |  0 comments | 6 tweets | 6 linkedin
Nutmeg introduces private banking for regular people

Nutmeg introduces private banking for regular people

08 October 2012  |  5766 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 dh.comFind out more

Top topics

Most viewed Most shared
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
7801 views comments | 15 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7030 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6109 views comments | 22 tweets | 21 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
5959 views comments | 20 tweets | 20 linkedin
JPMorgan formally quits R3JPMorgan formally quits R3
5873 views comments | 23 tweets | 13 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job