Netwealth, a digital wealth manager, has raised a further £10m investment in its third funding round led by British businessman Michael Spencer.

Spencer invested around £5m while the rest was divided between some new investors along with 75% of existing shareholders.

Other investors include Jupiter Fund Management vice-chairman Edward Bonham Carter, and former Prudential and Man Group chairman Harvey McGrath.

Santander vice-chairman Bruce Carnegie-Brown also backed the robo-advisory business.

The latest infusion takes the total capital raised by the company to £26.5m in three funding rounds since its launch in 2015.

The company intends to invest the proceeds to increase staff headcount and boost its technology offering.

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Commenting on the development, Netwealth CEO Charlotte Ransom said: “The latest investment, once again from such well respected and informed investors, is another positive endorsement of Netwealth’s vision and what we have achieved to date.”

“Until now, wealth managers have been able to get away with putting their interests first, through high and opaque fees coupled with an outdated service. We are changing this reality.

“Our modern, client-centric and cost effective business provides clients with a genuine alternative to investing with the incumbents.”

Netwealth provides Isas and pensions, as well as general investment accounts.