Goldman Sachs is pushing further into the UK retail market, co-leading a £45 million funding round for digital wealth management startup Nutmeg.
Goldman Sachs Principal Strategic Investments Group co-led the round - which is subject to FCA approval - with existing Nutmeg investor Convoy, a Hong Kong-based financial advisory firm.
Launched six years ago, Nutmeg claims to be the largest digital wealth manager in Europe, with over 60,000 customers, 40% of which have never invested before.
The firm is now the eighth largest wealth manager in the UK and says that, with the new funding, it aims to crack the top five by the end of the year.
The new money will also be used to push outside of the UK, with an international B2B plug-and-play partnership model which leverages Nutmeg's proprietary technology and operational expertise.
Martin Stead, CEO, Nutmeg, says: "In short, we’re focused on building a global digital wealth management business that will serve millions of investors in the UK and around the world. That takes vision, leadership, and investment from committed backers: Nutmeg has all three."
For Goldman Sachs, the investment represents another toe in the retail market, coming soon after the launch of its online savings account, Marcus, in the UK.