Goldman Sachs has invested in digital wealth manager Nutmeg, as part of a £45 million funding round.

The investment round also featured existing investor Hong Kong-based financial adviser Convoy, which increased its stake in the Nutmeg in advance of planned expansion into international markets, including Asia, in 2019.

Goldman Sachs’ investment was made by its principal strategic investments group, which specialises in long-term investments in fast-growing technology companies.

In a statement, Nutmeg said the investment round, which is subject to regulatory approval, would enable the company to develop a deeper business relationship with Goldman Sachs and further pursue its strategic partnership with Convoy, with whom it is planning to launch its services in Hong Kong next year.

Martin Stead, chief executive officer at Nutmeg, said: “This is a vote of confidence in our team, investment proposition and track record, and marks Nutmeg’s transition from start-up to scale-up.

“This funding also enables us to expand internationally, with our plug-and-play B2B expansion model, which leverages both our technology and investment capabilities, developed in this highly respected FCA-regulated market.”

As a result of the strategic partnership, Rana Yared, a partner at Goldman Sachs, will be joining the Nutmeg board.

Nutmeg has attracted a total of £116 million in investment since its launch in 2011 and is now the eighth largest wealth manager in the UK, the company said.

Yared said: “We are excited to fuel further growth and innovation through our investment and to support management in their vision of leveraging technology to broaden access to world-class investment solutions.”

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