Chancellor Philip Hammond says a £30m fundraise by robo adviser Nutmeg shows the UK is the “global fintech capital”.
Hong Kong financial advisory firm Convoy Global Holdings led the investments, which will fund growth in the UK and help a possible expansion in Asia. Existing investor Schroders also participated in the fundraising round.
Nutmeg, which has £500m in assets, has now raised £59.4m over the last five years.
Hammond says the investment “confirms the UK’s position” as the global fintech capital. “This is another international investment into a home-grown U.K. company, demonstrating the UK is open for business.”
The fundraise is the largest yet in a European robo adviser.
Convoy said in a statement that it liked Nutmeg’s mission to “democratise wealth management”.