World Markets

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)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at and via Reuters TV.

Learn More