British online wealth manager Nutmeg has raked in an additional £12m in funding from Taipei Fubon Bank, a subsidiary of Taiwan’s Fubon Financial Holdings.
Overall, Nutmeg has raised a total of £71m over the last five years.
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The wealth manager raised £30m last month in another funding round, led by Hong Kong-based financial advisory firm Convoy. Apart from Convoy who invested £24m, other investors in the funding round were Schroders, Balderton Capital, Pentech, Armada Investment Group and Nigel Wray.
In addition, Nutmeg revealed that it manages about £600m in assets under management for 25,000 customers.
Nutmeg CEO Martin Stead: “There is a very significant market opportunity before us, in the UK 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.”
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By GlobalData
