Nutmeg raises £30 million after changing CEOs

Digital wealth manager Nutmeg has raised £30 million after changing CEOs in the summer.

Nutmeg claims the funding round, led by Hong Kong's largest independent financial advisory firm Convoy, is the largest into British fintech since June's Brexit vote.

Convoy has invested £24 million and Nutmeg's existing investors have contributed the rest, including asset manager Schroders and leading London venture capital fund Balderton Capital. Nutmeg says the funding will be used to "accelerate growth and expand its offering."

Martin Stead, CEO of Nutmeg, says in an emailed statement: "This investment cements our position as Europe's leading digital wealth manager."

Stead became CEO in May, replacing founder Nick Hungerford. Hungerford, who founded Nutmeg in 2012, moved to a non-executive role.

Stead says: "Disrupting an exclusive industry was always going to be a tough challenge, but it is one that we relish. Nutmeg is successfully enabling people from all walks of life to get their money working harder. Our ten risk-based portfolios have delivered returns of 6.5% to 47%1 in the past four years and with interest rates at all-time lows and inflation on the rise, there has never been a better time to invest with Nutmeg."