Hit UK FinTech startup Nutmeg has raked in another $14.6m (£12m) for its Series D round, bringing the total to $51m (£42m). The £12m comes from the Taipei Fubon Bank, a subsidiary of Taiwan’s second largest financial services firm. Last month it announced a £30m raise led by Convoy, Hong Kong’s largest listed independent financial advice firm and existing backers including Balderton Capital, Pentech, Armada Investment Group and Nigel Wray.
Nutmeg, which has now raised $86.8m (£71m) to date said the funds will be used to “fuel Nutmeg’s innovation, expansion and to maintain its growth trajectory”.
Martin Stead, CEO of Nutmeg, said: “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.”
Nutmeg now manages approximately £600 million AUM on behalf of 25,000 customers.