Nutmeg announced today it has drummed up £30m in its latest round of funding, the largest raise in the fintech sector since the Brexit vote.
The fintech pioneer will use the money from the funding round, which was lead by Hong Kong based independent financial advisory firm Convoy, to expand its product offering and rapidly grow its business in the UK. By teaming up with Convoy, the firm has also given itself some footing in the Asia market.
In addition to £24m from Convoy, backers from this funding round include Schroders, Balderton Capital and Pentech.
Meanwhile, Magister Advisors acted as corporate advisor to Nutmeg during the raise, while Taylor Wessing acted as legal advisor.
"Disrupting an exclusive industry was always going to be a tough challenge, but it is one that we relish," said Martin Stead, chief executive of Nutmeg, who recently took over from founder Nick Hungerford. "Nutmeg is successfully enabling people from all walks of life to get their money working harder.
Chancellor Philip Hammond added:
Britain is leading the way forward in global fintech. It's an industry that is going from strength to strength and today's announcement confirms the UK's position as the global FinTech capital. This is another international investment into a home-grown UK company, demonstrating the UK is open for business.
Ng Wing Fai, group president of Convoy, commented: "What we're most excited about is Nutmeg's mission to democratise wealth management while delivering sustained investment performance and a seamless customer experience."
Following the raise, it is planned that Johnny Chen, senior advisor to Convoy, will take a seat on the Nutmeg board, subject to regulatory approval.
Nutmeg, which formally launched in 2012, has attracted £59.4m in investment over the last five years.