U.K.-based wealth management company Nutmeg brought its total funding to $90 million today after closing its Series D round, which was led by Taipei Fubon Bank.
The news comes hot on the heels of Nutmeg’s most recent funding when it scored $37 million in Series C funding last month from Convoy, Hong Kong’s largest firm of independent financial advisers. Adding two Asian investors in the past two months comes as a hint as to what’s next for the roboadvisor. Nutmeg CEO Martin Stead told TechCrunch,
There is a very significant market opportunity before us, in the U.K. and beyond, and we are going to capture it. With these new funds, we will continue to invest in product innovations which disrupt the industry and deliver a better deal–and a better experience–for customers. And, we are going to expand into new categories and new territories.
Expansion into the Asia Pacific region is a logical move, since it’s currently experiencing a fintech boom, while the U.S. market is saturated (see our wealth tech coverage for more on this).
Nutmeg, which manages $735 million for its 25,000 clients, debuted its digital wealth management technology at FinovateEurope 2012 in London. In early 2016 the company was recognized on the European Top 100 List at the European Fintech Awards, and the company’s former CEO and founder Nick Hungerford was named one of the U.K.’s coolest people in fintech. In May of 2016, Martin Stead, Nutmeg’s former chief revenue officer, assumed the role of CEO.