Digital wealth manager Nutmeg raises £30m
14 November 2016 | 4734 views | 0
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."