Goldman Sachs backs UK-based robo adviser Nutmeg in latest funding round
Jan 22 Reuters - U.K.-based online wealth manager Nutmeg on Tuesday it raised $58.2 million in funding from investors, including Goldman Sachs Group Inc, proceeds of which will be used mainly for international expansion (graphic).
The latest funding round values Nutmeg Saving and Investment Ltd at 245 million pounds ($317.1 million), the company said.
Goldman's investment in Nutmeg is occurring as financial institutions, especially traditional banks, spend millions of dollars to drive tech innovations in their banking operations and enhance their appeal to digitally-inclined consumers.
Nutmeg is an online investment service provider which specialises in individual savings account, pension and general investment.
Its latest funding round also saw participation from its existing shareholder, Convoy Global Holdings Ltd, a Hong Kong-based financial advisory firm.
Nutmeg has raised nearly $90 million in four funding rounds, the last of which was in December 2016, according to data website Crunchbase.
($1 = 0.7726 pounds)