Nutmeg Secures £45 Million Through Latest Investment Round Led By Goldman Sachs & Convoy

UK-based fintech firm Nutmeg announced on Tuesday it secured £45 million through its latest funding round, which was led by Goldman Sachs and Convoy, which is an existing investor of the company. As previously reported, Nutmeg is described as the UK’s first online “discretionary investment management company.”

“Nutmeg is changing the way people manage their money. Specializing in investments, ISAs and pensions, our online investment management service is intelligent, straightforward and fair.”

CEO of Nutmeg, Martin Stead, claimed the company has delivered strong investment returns over the past six years and has more than 60,000 investors. It was reported that 40% of its customers have never invested before, 35% are female (compared to a market average of 26%), and the average investor age is 40 (around 10 years younger that the industry average. Stead also revealed:

In six short years, as well as being the largest digital wealth manager in Europe, we’ve grown to be the eighth largest wealth manager in the UK. It’s an honour – and, moreover, a huge responsibility – to be entrusted with our customers’ investments. We manage these investments as though they were our own. I think it goes without saying that challenging the wrongs of the industry and doing the right thing for our customers runs through our DNA, and this is our first priority.”

Speaking about the investment, Stead reported that the funding will enable the company to deliver on its objective to be the most trusted and fastest growing digital wealth manager by delivering new products and features. The funding will also enable Nutmeg to expand, with an international B2B plug-and-play partnership model which leverages its proprietary technology and operational expertise. Stead then added:

“This is the largest ever investment into a digital wealth manager in Europe. The round was led by the Goldman Sachs Principal Strategic Investments Group, which makes long-term investments in fast-growing technology companies. Their investment firmly positions Nutmeg to be the global WealthTech winner, and is an endorsement of our investment proposition, our track record, and the brilliant team of committed professionals I am humbled to lead.”

UK Fintech Firm Nutmeg Secures £30M During Series C Funding Round Led By Hong Kong’s Convoy Global Holdings

On Monday, UK-based fintech firm Nutmeg announced it secured 30 million during a Series C funding, which was led by Hong Kong independent finance advisers firm, Convoy Global Holdings. Other participants included existing investors such as Schroders, Balderton Capital, Pentech Ventures, Armada Investment Group, and Nigel Wray.

Money UK Europe Euros PoundsLaunched in 2012, Nutmeg is regulated by the FCA and specializes in investments, ISAs, and pensions. The company reportedly manages half a billion pounds for more than 20,000 customers and has grown four times the size it was two years during its last fundraise.  Martin Stead, CEO of Nutmeg, reportedly stated:

“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.”

Nutmeg claimed that the 30 million raise is considered the largest raise since the Brexit vote. Chancellor of Exchequer, Phillip Hammond, explained:

“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.”

The company added it is planning to use the funds help accelerate its growth.