Wednesday 27 March 2019 4:12 pm

Digital wealth manager Nutmeg targets 'seven figure sum' in crowdfunding round

Digital wealth manager Nutmeg has announced it will launch a crowdfunding round this year, targeting a seven figure sum.

Nutmeg, which counts Goldman Sachs, Taipei Fubon Bank, Convoy and Balderton Capital among existing investors, is opening up company ownership to its customers in partnership with equity funding platform Crowdcube.

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The firm has not set a target amount but said it will be a “seven figure sum” which will be decided nearer the launch date this summer.

The proceeds will fund Nutmeg’s international expansion and development of new features for customers of the UK’s largest digital wealth manager.

Martin Steed, chief executive officer of Nutmeg, said: “Nutmeg was the first digital wealth manager to launch in Europe and now we’re opening up ownership of our business to give eligible customers the opportunity to invest alongside institutional investors, venture capitalists and leading entrepreneurs.”

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The company secured a £45m investment from Convoy and Goldman Sachs in January this year.

“We’re investing in new features for our UK customers, while also taking Nutmeg to new markets around the world, with our first international launch imminent,” Steed added.