In a fledgling industry where longevity is often measured in months, Nutmeg could be considered positively venerable having been around since it was established back in April 2011.
Nutmeg was really trailblazing at the time and it will have been the catalyst for many of the online investment managers currently coming to market.
Nutmeg makes bold, visionary statements about 'reinventing' and 'demystifying' investment with the ambition to 'empower a nation of investing'; Nutmeg embraces technology to target outstanding investment performance whilst providing a transparent and straightforward customer experience.
As the prime mover in the automated investment space, Nutmeg initially attracted some high profile investors including Michael Spencer, Charles Dunstone, Nigel Wray and Schroders although its losses continued to mount.
However, in a display of unswerving self-belief Nutmeg continued to invest in developing its core proposition, even trimming its charges along the way, and with ISA and Personal Pensions accounts and fully stocked customer services and investment management teams now has a platform that has something for everyone; as a result it has just secured £30 million of additional funding from Hong Kong based Convoy Group - the largest ever raise for a digital wealth manager in Europe, and the largest fintech fundraise since the UK voted to leave the EU.
Nutmeg now has 20,000 customers and has topped half a billion pounds of assets under management; it plans to use the latest investment to further develop its proposition and accelerate growth throughout the UK.
NUTMEG AT A GLANCE