We are a company with a purpose: to democratise wealth management and make investing easy for everybody. Today, we announce that Nutmeg has received major new backing that will help us keep moving towards that purpose.
Nutmeg has raised £30m in new funding to enable us to continue making our mission a reality. In this new fundraising round, we are welcoming Convoy, Hong Kong’s largest listed firm of independent financial advisers, to our family of financial backers.
This new funding will help us to accelerate our already strong pace of growth. Nutmeg now manages over half a billion pounds for over 20,000 customers, and we are now four times the size we were in 2014, the time of our last fundraise.
Nutmeg is successfully helping people from all walks of life to invest and get their money working harder. With interest rates at all-time lows and inflation on the rise, there has never been a better time to invest with us.
Largest ever raise for a digital wealth manager in Europe
£30m makes this the largest ever raise for a digital wealth manager in Europe, and this is also the largest fintech fundraise since the UK voted to leave the European Union. This funding means that we will be in a position to offer more products and services to our customers, and to expand more rapidly across the UK.
Chancellor of the Exchequer, Philip Hammond, said:
“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.”
Who is Convoy?
Like us, Convoy was founded as a challenger to the financial services industry and shares our entrepreneurial spirit. We see Convoy as a strategic partner who can bring expertise in financial advice to complement our own proposition. We’re very happy to welcome Johnny Chen from Convoy to our board*.
Alongside this investment led by Convoy, we have also received further investment from our existing backers, including Schroders, Balderton Capital, Pentech, Armada Investment Group and Nigel Wray.
To our customers – thank you
The work involved in getting Nutmeg to this point, of course, has been shared across the company. I am grateful to every member of the Nutmeg team.
Most of all, I’d like to thank our customers for placing their trust in Nutmeg to manage their money and help them to achieve their life goals, which is a great honour and a responsibility that we take very seriously. 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.
Risk warning: As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest.
*Subject to FCA approval
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Martin Stead
Martin, our chief executive officer, joined Nutmeg in 2015 and has overseen a period of rapid growth. Like many Nutmeggers, Martin brings a diversity of experience from different industries, which Nutmeg leverages to bring fresh thinking to wealth management, for the good of our customers. Martin was a member of the Lord Mayor’s Trust Advisory Group in 2018 and has been named two years running in the FT's Top 100 global LGBT+ Executive list.Other posts by Martin Stead
