The largest digital wealth manager in Europe, Nutmeg, has secured the new investment in a new funding round as it looks to extend its UK market leadership and expand into international markets in 2019.
In what is the largest ever fundraise by a digital wealth manager in Europe, Nutmeg has landed a £45m round led by Goldman Sachs and Convoy, a Hong Kong-based financial advisory firm.
The money brings the total raised by Nutmeg to £116m since launch in 2011. The capital will be used to invest in further product innovation and new features.
In 2017, Nutmeg saw its losses widen by more than a third to £12.4m, according to Companies House filings, but it has retained the top spot in terms of assets under managment among other UK robo advisers despite strong competion in the sector.
He says the new funding will help the firm expand internationally with its “plug-and-play” B2B expansion model.
“We plan to launch with existing partners Convoy in Hong Kong this year. As the original and largest industry challenger, with an unrivalled technology platform, a proven investment strategy and a clear growth plan, welcoming Goldman Sachs as a cornerstone investor firmly positions Nutmeg to be the global WealthTech winner.”
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.