Nutmeg and Seedrs join challenger fintech marketplace

Nutmeg has announced a partnership with German digital challenger bank Fidor to add its robo advice technology to a suite of fintech services to be launched in the UK.

Fidor will provide UK customers with a wide range of fintech products and services, alongside alternative investment opportunities as part of its FinanceBay marketplace with the ambition to offer ‘every financial service a customer could possibly want’.

Katharina Rausch, head of FinanceBay, said: ‘Fidor has long welcomed affluent and financially curious customers to our digital bank and based on their investment appetites we have build an exciting suite of investment products made accessible to customers via a handful of carefully curated fintech partners’.

Nutmeg will be the first investment provider on the platform, using its robo advice engine to power general investment accounts, ISAs or pensions; it will be joined by peer-to-peer lender Seedrs which will be Fidor’s sole equity finance partner.

On making the announcement, Nutmeg chief executive Martin Stead said: ‘the way people save, invest and manage their money is changing.

a movement that is very much shaping the future of money management

‘This is definitely an exciting time for the fintech industry and we are thrilled to be part of a movement that is very much shaping the future of money management.

‘We are passionate about making wealth management available to everyone and initiatives like this Fidor’s fintech marketplace, make great strides towards this goal.’

Fidor was founded in 2009 by Matthias Kroener and was said at the time to be the world’s first ‘fintech bank’; it launched in the UK in 2015 and has more than 100,000 customers here and in Germany. It plans to expand further into Europe in the coming months.

Seedrs has helped attract investment for a number of businesses and will provide Fidor clients with the opportunity to tap into crowdfunding opportunities.

Seedrs chief executive Jeff Lynn said: ‘Our new partnership with Fidor Bank provides us a great opportunity to give a tech savvy investor base access to some of the most exciting early stage investment opportunities in Europe.

‘We are huge admirers of Fidor and all that has achieved as one of the original challenger banks, and we look forward to welcoming many of their customers as Seedrs investors.’

Fidor said that as FinanceBay develops in the coming months it will be striking partnerships with more leading fintech firms including a number of debt-based peer-to-peer platforms.

Ms Rausch said: ‘We are pleased to welcome Seedrs and Nutmeg into our fintech marketplace as our investment providers. Fidor’s banking concept provides an online community for people to provide and receive financial advice, giving users rewards for doing so such as cash, improved current account and savings bond interest rates.

an online community for people to provide and receive financial advice, giving users rewards for doing so

Our fintech marketplace will be instrumental in offering exciting investment opportunities to many of Fidor’s UK based customer’.

With the cost of customer acquisition a major hurdle, particularly for the start-ups, Muckler is excited by the prospect of initiatives such as FinanceBay, reaching out with a whole suite of fintech products and services with a one stop shop; with insurance and mortgages just two other areas currently getting the robo treatment, we expect some exciting developments.


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