Goldman Sachs leads £45m robo adviser fundraise

By Daniel Lanyon on 22nd January 2019

Robo-Advice

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.

Goldman Sachs leads £45m robo adviser fundraise

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.

Martin Stead, chief executive officer at Nutmeg, said: “This is a vote of confidence in our team, investment proposition and track record, and marks Nutmeg’s transition from start-up to scale-up.”

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.”

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