U.K.-based robo-advisory pioneer Nutmeg scored $37 million (£30 million) in a Series C funding round this week. Convoy, Hong Kong’s largest firm of independent financial advisers, led the round, while existing investors Schroders, Balderton Capital, Pentech, Armada Investment Group, and Nigel Wray also participated.
The new investment brings the company’s total funding to $75 million and makes it the largest raise for an E.U.-based digital wealth advisor. Also, as Nutmeg said in its press release, “This is also the largest fintech fundraise since the U.K. voted to leave the European Union.”
Nutmeg will use the funds to offer more products and services and to accelerate growth. The company is currently managing $625 million (£500 million) for more than 20,000 clients. Since launching in 2011, Nutmeg has delivered returns between 6.5% and 47% for specific savings goals, ISAs, and pensions.
Nutmeg’s Nick Hungerford, former CEO, and Jono Hey, head of UX, demoed at FinovateEurope 2012 in London.
Nutmeg debuted its digital wealth-investment technology—before the term robo-advisor had even been coined—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.