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Nutmeg adds £12m to Series D, bringing total to £42m

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UK FinTech firm Nutmeg has added a further £12m to its Series D round, bringing the total to £42m.

The £12m, which is pending regulators’ approval, is being invested by Taipei Fubon Bank, a subsidiary of Taiwan’s second largest financial services firm.

Nutmeg, an online wealth manager, announced a £30m raise last month in a round led by Convoy, Hong Kong’s largest listed independent financial advice firm.

UK FinTech firms ‘raised $173m across 16 deals in Q4 2016’

The firm, which has now attracted a total of £71m over the past five years, said in a statement the funds will be used to “fuel Nutmeg’s innovation, expansion and to maintain its growth trajectory”.

Martin Stead, CEO of Nutmeg, said: “There is a very significant market opportunity before us, in the UK and beyond, and we are going to capture it. With these new funds, we will continue to invest in product innovations which disrupt the industry and deliver a better deal – and a better experience – for customers. And, we are going to expand into new categories and new territories.”

Magister Advisors supported Nutmeg as corporate advisor for this fundraise and international law firm Taylor Wessing was the legal advisor on the deal.

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