Independent Financial Advisor Convoy has made a substantial investment into London based Nutmeg, an online investment management business. It is the largest ever raise for a digital wealth manager in Europe.
Nutmeg has raised GBP 30 million in new funding from Convoy, Hong Kong’s largest listed firm of independent financial advisers.
Nutmeg say the new capital injection will be used to expand product offering and to further scale the business. This will include offering new investing options, new tax wrappers and further developing the advice element of the service.
Asian Expansion an Option
Convoy’s investment in Nutmeg is also described as «strategic» and the firm says it potentially opens the door to expansion into the Asian marketplace. Convoy's Johnny Chen will also join the Nutmeg board.
Nutmeg manages over half a billion pounds for over 20,000 customers, and is now four times the size it was in 2014, the time of the last fundraise.
Largest Raise for a Digital Wealth Manager
The GBP 30million investment by Convoy makes it the largest ever raise for a digital wealth manager in Europe, and this is also the largest fintech fundraise since Britain voted to leave the European Union.
Alongside this investment led by Convoy, Nutmeg also received further investment from existing backers, including Schroders, Balderton Capital, Pentech, Armada Investment Group and Nigel Wray, the chairman of Saracens rugby club and well-known entrepreneur.
