We were delighted and honoured to receive Chancellor of the Exchequer Philip Hammond at Nutmeg HQ today, ahead of his Mansion House speech this evening.
Our exec team had a lively discussion with the Chancellor on all things fintech, and our vision here at Nutmeg. We introduced him to the wider team and talked through the way our business works.
The Chancellor showed a genuine interest in all aspects of our business, our role in society, and the service we are providing to our valued customers.
The Chancellor was particularly interested in how we are using technology to reduce the cost of investing, and how we are opening up access to professional high-quality wealth management with a team of experts managing portfolios for our clients. He was also impressed with our answer to his “billion-pound question” about our 5-year performance track record, and how we compare to the average of traditional wealth managers.
The Chancellor observed how, like other leading UK fintech companies, Nutmeg is succeeding thanks to our single-minded focus on customers and how we are using technology to solve problems that traditional financial services firms struggle to address.
Nutmeg and the UK fintech community
The Chancellor’s support for the UK fintech community is hugely important to us.
When Nutmeg created the online wealth management category in the UK, it took guts to challenge some of the biggest and oldest financial services brands in the world. Every fintech entrepreneur in the UK has had to be bold and brave to get the fintech community to where it is today, and we’re proud to stand among them.
That’s why we were pleased to hear the Chancellor continuing his commitment to make Britain the best place in the world to launch and grow a fintech business. This pledge will help support all fintech founders and management teams to continue innovating and to achieve their ambitions.
The UK is a hotbed of technology innovation, it’s an established and world-renowned financial services centre, and our regulator, the FCA, is respected around the world. Building a successful financial services business here in the UK is both an opportunity in its own right, as well as a powerful springboard into other markets around the world.
Nutmeg’s mission is to empower generations of investors. And our objective is simple: to be the most trusted and fastest growing digital wealth manager in the world. As such, the Chancellor’s plans to support the UK as an “undisputed gateway to global markets” is important for us as we look to scale the business globally. The Chancellor’s visit follows in the wake of a visit a few months ago by Chief Executive of the Hong Kong administration Mrs Carrie Lam, when we talked about our approach to global expansion and the opportunity for launch in Asia.
The creativity and innovative spirit that drives the UK fintech community continues to inspire us as we scale our business. We’re growing fast, with a number of opportunities for talented individuals in a range of financial services and technology disciplines.
A final word
Nutmeg is one of the top five fastest growing wealth managers in the UK.1 However, we’ve barely scratched the surface. 40% of our customers are investing for the first time thanks to Nutmeg. Our plan is to bring our service to millions more people in the UK and beyond. We’re excited to pursue our vision for Nutmeg with the knowledge that the Chancellor firmly supports the UK fintech community.
The Chancellor’s parting words were clear: “I look forward to coming back to visit you on your path to becoming a fintech unicorn”. We very much look forward to welcoming Mr Hammond back in the future to see what we’ve achieved.
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.
1. PAM Private Asset Management 2017, Top 10 Fastest Growing Managers by % over five years, Nutmeg ranked 5th with 1,094%.