Menu visibility control

Video

Events

Startup Surgery

Most Recent

News

Startup Weekly: Starling Bank’s hackathon, FoodTech awards & more

Need to Know

A happy workforce: The key to business success

Need to Know

Here’s how your tech firm can exploit the podcasting revolution

Press Releases

Software testing leader TestPlant appoints Dr. John Bates as CEO
CreditLadder appoints Proptech Expert Sheraz Dar as new CEO
Hermit: A Startup With New Ideas About Office Space

FinTech firm Nutmeg raises £30m in round led by Convoy

investments
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

London-based digital wealth manager Nutmeg has raised £30m in the largest FinTech raise since Brexit.

The firm has now attracted a total of £59.4m investment over the last five years, having raised $32m (£25.6m) in 2014 and £3.4m in 2012.

This latest round was led by Convoy Global Holdings, Hong Kong’s largest listed independent financial advisory firm. Convoy put £24m into the round, which also featured existing backers including Schroders, Balderton Capital, Pentech Ventures, Armada Investment Group and Nigel Wray, the chairman of Saracens rugby club and well-known entrepreneur.

UK tech investment trends of 2016

Nutmeg, which launched in 2012, provides portfolio management to people who want to invest anything from £500 upwards.

The firm currently manages more than £0.5bn for over 20,000 customers, with some 10,000 of these customers being acquired in 2016. It claims its portfolios have been delivering returns of between 6.5% and 47%.

Martin Stead, CEO of Nutmeg, said: “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,” he added.

Chancellor of the Exchequer Philip Hammond has some positive words to share about the raise, too: “Britain is leading the way forward in global FinTech. It’s an industry that is going from strength to strength and today’s announcement confirms the UK’s position as the global FinTech capital. This is another international investment into a home-grown UK company, demonstrating the UK is open for business.”

Nutmeg is to use the new capital to expand its product offering, with a specific focus on new investment options, ‘tax wrappers’ and its advice service. An expansion into Asia is also on the cards.

Enter your e-mail address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

startup weekly (4)

Startup Weekly: Starling Bank’s hackathon, FoodTech awards & more
posted 13 hours ago

happy workers

A happy workforce: The key to business success
posted 16 hours ago

podcasting revolution

Here’s how your tech firm can exploit the podcasting revolution
posted 17 hours ago

Lee Evans - SurveyMe

Cheshire-based mobile app SurveyMe gets £2m
posted 18 hours ago

TWIT - Emily 23.02.17

A £12m series B, a £57.5m fund for Northern SMEs, a hoverbike and more in The Week in Tech
posted 21 hours ago

Team_Monzo

Challenger bank Monzo announces £19.5m investment
posted on February 23, 2017