Digital wealth management firm Nutmeg has secured £30 million of new investment, in a round led by Convoy, Hong Kong’s largest listed firm of independent financial advisors.
The new funding will be used to further accelerate Nutmeg’s growth in the wealth management sector. The firm now manages over half a billion pounds for more than 20,000 customers, and is now four times the size it was in 2014 – the time of its last fundraising round.
The £30 million investment marks the largest ever raise for a digital wealth manager in Europe, and is also the largest FinTech fundraise since the UK voted to leave the European Union.
Alongside the financing from Convoy, Nutmeg also received further investment from existing backers, including Schroders, Balderton Capital, Pentech, Armada Investment Group and Nigel Wray.
Martin Stead, CEO of Nutmeg, commented: “We see Convoy as a strategic partner who can bring expertise in financial advice to complement our own proposition. We want to continue building an accessible and award-winning investment service that our customers love, and this funding helps us to do that better and faster.”
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