Nutmeg has recently announced it raised another £30 million in funding. This is now the largest fintech raise since Brexit, and the largest one in Europe from Asia this year. In total – in the last five years - Nutmeg has raised almost £60 million (£59.4 to be exact). This time around, the investment round was led by Hong Kong’s independent financial advisory firm Convoy, which invested £24 million.
Other backers include Schroders, Balderton Capital, Pentech, Armada Investment Group and Nigel Wray. Nutmeg says it will use the new funds to expand its offering and scale the business. Extra attention will be given to innovation, which will include new investing options and new tax wrappers. There was also mention of expanding into Asia, but we’ll have to wait and see if it will really happen.
“This investment cements our position as Europe’s leading digital wealth manager,” said Martin Stead, CEO of Nutmeg.
“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.”
“Disrupting an exclusive industry was always going to be a tough challenge, but it is one that we relish. Nutmeg is successfully enabling people from all walks of life to get their money working harder. Our ten risk-based portfolios have delivered returns of 6.5 per cent to 47 per cent in the past four years and with interest rates at all-time lows and inflation on the rise, there has never been a better time to invest with Nutmeg.”
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