Nutmeg secures £30m fundraising led by Hong Kong IFA

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Nutmeg has secured backing from investors of £30m, which it says is the largest fundraising exercise by a financial technology company since Brexit.

Hong Kong financial advisory firm Convoy Global Holdings led the investments, which will fund growth in the UK and help a possible expansion in Asia. Existing investor Schroders also participated in the fundraising round.

Nutmeg, which has £500m in assets, has now raised £59.4m over the last five years.

Chancellor Philip Hammond says the investment “confirms the UK’s position” as the global fintech capital.

He says: “This is another international investment into a home-grown UK company, demonstrating the UK is open for business‎.”

The fundraise is the largest yet in a European robo adviser.

Nutmeg chief executive Martin Stead says: “This investment cements our position as Europe’s leading digital wealth manager. We are delighted to welcome our friends at Convoy to our board.

“Convoy shares our huge ambition for the Nutmeg business and, with these new funds, we will be able to further scale and expand our business, bringing smart online investing and advice to more people.

Convoy said in a statement that it liked Nutmeg’s mission to “democratise wealth management”.

Convoy senior adviser and former Zurich Greater China chief executive Johnny Chen will take a seat on the Nutmeg board, subject to regulatory approval.