• Nutmeg

  Led · Series D · Dec 2016

  Nutmeg is a digital wealth management platform offering online investment and advisory services. The company says it will use new funding to deliver innovative products and features that expand its offering. Management plans to expand via an international B2B plug-and-play partnership model that leverages its proprietary technology. Nutmeg has grown to become the largest digital wealth manager in Europe and the eighth largest wealth manager in the U.K. The platform serves about 60,000 investors. The recent $58 million investment led by Goldman Sachs reinforces the firm's growth strategy. Nutmeg is a UK fintech that manages investment portfolios on behalf of retail customers. The company pulled in an additional £12m ($14.6m) into its Series D from Taipei Fubon Bank, bringing the Series D to $51m (£42m). Last month Nutmeg announced a £30m raise led by Convoy with participation from Balderton Capital, Pentech, Armada Investment Group and Nigel Wray; the company has now raised $86.8m (£71m) to date. The £12m investor, Taipei Fubon Bank, is a subsidiary of Taiwan’s second-largest financial services firm. Nutmeg says the proceeds will be used to fuel innovation, expansion and to maintain its growth trajectory, and CEO Martin Stead said the company will invest in product innovations and expand into new categories and territories. The firm manages approximately £600m in assets under management on behalf of about 25,000 customers. Nutmeg is a UK digital wealth manager that offers automated investment portfolio management with a friendly UI and goal-based settings, accepting investments from as little as £500. Customers can open ISAs, pensions, or other wrappers and set risk levels that determine monthly automated investment and diversification. Founded in 2012, Nutmeg says it manages more than half a billion pounds for a growing base of over 20,000 customers. The company has raised just shy of £60 million over the last five years and last fundraised in June 2014. The new capital will be used to expand product offerings, add new investing options and tax wrappers, further develop the advice element of the service, and scale the business. Convoy's investment is described as strategic and is said to open the door to expansion into Asia. Nutmeg is a UK-based online investment management startup offering portfolio management services to anyone with as little as £1,000 to invest. Its fees start at 1% and go as low as 0.3%, undercutting traditional managers' average 1.36% commission. The company reports over 35,000 registered users, Q1 customer acquisition up 350% year‑over‑year, and is already in the top 25 wealth managers in the UK. The new funds will be used for customer acquisition and product development as Nutmeg aims to deliver "Amazon-like" levels of customer service. Nutmeg was founded by Nick Hungerford and William Todd; Hungerford initially raised from Draper Associates after his Stanford MBA and previously worked as an investment manager at Brewin Dolphin. Schroders executive chairman Massimo Tosato will take a seat on Nutmeg's board. Nutmeg is a U.K. online investment manager that aims to simplify financial products through a web-based UI. It aligns users' savings and investments with stated life goals, reducing the need for individual stock picking or paid financial advice. The service is partially algorithmically driven and positioned as a more accessible alternative to traditional investment management. Nutmeg charges an annual management fee of up to 1% (including VAT) and offers a loyalty scheme where users can reduce fees to as low as 0.3% through referrals and invested pounds. The company has raised a £3.4m ($5.3m) VC round to support its plans. It is gearing up for a U.K. launch this summer.

No current team members are available.