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Nutmeg Raises $58 Million in Goldman Sachs-Led Funding

Nutmeg, the alternative investment app, has completed a $58.7 million (£45 million) fundraise led by the Goldman Sachs Principal Strategic Investments Group, and Convoy, the Hong Kong-based financial advisory firm, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

It aims to use the funding to expand, with “an international B2B plug-and-play partnership model which leverages its proprietary technology.”

Convoy will help Nutmeg launch into Hong Kong later this year, according to the firm. Convoy first invested in the firm in 2016.

This is the largest ever investment into a digital wealth manager in Europe, according to Nutmeg.

Nutmeg currently counts 60,000 customers in the U.K., out of which 40% of our customers have never invested before; 35% are female, compared to a market average of just 26%; and the average age of our investor is 40, around ten years younger than the industry average.

Goldman Sachs is well known for making long-term investments in “fast-growing” technology companies.

Some recent examples include alternative SME finance provider Capify and cyber firm Immersive Labs.

Nutmeg demonstrated its online investment manager at FinovateEurope 2012. Headquartered in London, and founded in 2010, this week’s investment brings the company’s total funding to more than $147 million. Martin Stead is CEO.