Tumelo, a UK startup that helps investment platforms and pension providers give investors insight into which firms their money is being put into, and a voice on issues such as board diversity and climate change, has raised $19 million.
The Series A round was led by fintech venture fund Treasury and joined by Legal & General, Fidelity International Strategic Ventures, Nucleus Adventure Capital, Lance Uggla, previous CEO of IHS Markit, and Jim Wiandt, founder of ETF.com.
Self-styled "impact-focused" fintech Tumelo is bidding to help more investors exercise their shareholder rights. The firm's APIs and white-label software show investors which companies their money is being invested in and give them a voice on the issues that matter most to them, from CEO pay to board diversity and climate change.
The vote preferences collected from investors are sent to fund managers, who control the power to create change through voting at company AGMs.
For investment platforms, robo-advisors and pension providers, Tumelo says its technology strengthens investor loyalty, drives increased AUM and retention, and can win large workplace pension accounts where financial wellbeing is paramount.
The company has already established relationships with 17 leading investment platforms and 75 fund managers in the UK. The new funding will be used to build more partnerships and to expand into the US and Australia.
Georgia Stewart, CEO, Tumelo, says: “Tumelo has transformed from a student campaign into a daring FinTech with a blossoming team. The incredible calibre of institutional and private investors who have committed to our vision and backed our growth is a testament to the strength of our mission, product, culture and execution to date."