Farewell to Nutmeg and the first chapter of fintech’s story
When I read that J.P.Morgan will retire the Nutmeg brand later this year, it felt like the end of a chapter, not just for them, but for all of us who began this journey together. For more than a decade, Nutmeg and Moneyfarm were often spoken of in the same breath. Two young companies trying to make investing more accessible, using technology to build and manage low-cost ETF portfolios for people who wanted their money to work harder but didn’t want, or need, expensive financial advice. We were, of course, competitors, but we shared the belief that investing shouldn’t be reserved for the privileged few and that it could be simple, transparent and human.
I remember meeting Nutmeg’s co-founder, Nick Hungerford, over a beer in Clapham almost twelve years ago. We spoke about how alienating traditional wealth management could feel, and how technology might one day make good investing habits as common as online shopping.
Nick was generous, visionary and full of warmth, one of those people who made you believe change was possible. His passing two years ago was a moment of deep sadness for all of us who were part of those early fintech years. Hearing now that the Nutmeg name will disappear stirs that same emotion. It is hard not to feel a sense of loss when a brand that inspired so many of us and so many customers fades away. A good brand is not just a business. It is an idea made visible. And Nutmeg’s idea helped prove that investing could belong to everyone.
Back in 2012, fintech was a kind of rebellion. We were outsiders, convinced that technology could make finance fairer and more open. The UK wealth industry was undergoing great change. The vision Callum McCarthy (former Chairman of the FCA) described in his Glenneagles speech, which later launched the Retail Distribution Review, was shaping access to products and advice. We wanted to take away the marble floors and replace them with clarity, honesty, and accessibility. For the first time, people could invest in globally diversified portfolios with institutional-level discipline, but without the high fees or intimidating complexity. Technology was our equaliser.
But revolutions evolve. Over time, what began as disruption became integration. The algorithms, user experiences and transparency that fintechs built are now used by the same institutions we once sought to challenge. Digital investing is no longer an alternative; it’s the standard. And that is why Nutmeg’s farewell is not a failure but a milestone. It means that the first generation of fintech achieved what it set out to do — to make investing digital, accessible and, above all, normal.
When I look back on these twelve years, I realise that technology can do almost everything except provide reassurance. It can optimise portfolios, but it cannot calm anxiety when markets fall or offer encouragement when life changes. That human connection, a voice, a conversation, a sense of being understood, remains irreplaceable.
For me, fintech’s true legacy is not faster onboarding or lower fees; it is confidence. Confidence for people to engage with their money, to ask questions, to take control of their financial future. Fintech gave people permission to be investors — quietly transforming a relationship that for generations had been defined by distance and fear. That shift matters. When individuals understand and own their financial choices, the entire economy becomes more resilient.
London has been the perfect place for this transformation. The City has always thrived on reinvention, from open outcry trading to open banking. Fintech is just the latest expression of that spirit. As the sector matures, our duty is to keep its founding values alive: openness, creativity and trust. The FCA’s Consumer Duty has rightly placed fairness and clarity at the heart of financial services; those principles are the same ones that drove fintech’s creation in the first place.
There is still so much to do. Too much wealth remains idle in cash, slowly losing value to inflation. Helping savers become investors -safely, simply, and confidently is one of the most important challenges of the next decade. It’s not only about building better portfolios; it’s about building confidence in the system itself.
So yes, I feel sadness that the Nutmeg brand will soon be gone. It stood for something important — a belief that finance could be modern and kind at the same time. But I also feel pride. We started as challengers; today, our ideas are part of the establishment. Fintech hasn’t died. It has grown up. And as it matures, we must ensure it remains true to its roots: keeping technology human, making wealth management accessible, and giving people the confidence to build their future with trust and clarity.
Because in the end, wealth is not about algorithms or balance sheets. It’s about people — and what we can achieve when we do it together.