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Convoy and Goldman Sachs lead £45m financing round for Nutmeg to fuel growth and expansion

(23 Jan 2019 – Hong Kong) Convoy Global Holdings Limited (“Convoy”, Stock code: 1019), a diversified retail financial services group, has led a £45m investment in Nutmeg together with Goldman Sachs. The investment cements an existing relationship between Convoy and Nutmeg and is earmarked for growth plans including expansion into international markets in 2019. This is the largest ever fundraise by a digital wealth manager in Europe.

 

Convoy, a key Nutmeg shareholder and strategic Asian partner, co-led the round of investment with Goldman Sachs’ Principal Strategic Investments group, which makes long-term strategic investments in fast-growing technology companies that are uniquely positioned to benefit from a deeper business relationship with Goldman Sachs. Goldman Sachs will join the Nutmeg board and sit alongside other strategic investors, including Convoy and Fubon Financial Group. With the addition of Goldman Sachs, Nutmeg has long term strategic investors positioned to provide both financial and operational resources to fuel growth plans globally.  

 

Convoy’s investment is part of a broader strategic partnership between itself and Nutmeg. The partner firms aim to launch a joint localized offering of the Nutmeg platform in Hong Kong in 2019[1]. Convoy’s Hong Kong partnership with Nutmeg aims to deliver the same successful formula of diversified, low cost, automated asset management to the wider investing public. Nutmeg’s award-winning digital platform and seamless execution and customer support will be replicated in the Hong Kong market and democratise superior wealth management products and tools for Hong Kong consumers.

 

Michael Yap, Head of Venture Capital at Convoy, said: “We welcome the addition of Goldman Sachs as a Nutmeg shareholder. We vehemently believe that Nutmeg now has an unmatched set of strategic investors who will support an accelerated growth plan and solidify their position as Europe’s leading digital wealth manager. Nutmeg’s software-based model and talented team position it to capture an ever-growing slice of the UK’s asset management market. We look forward to bringing the Nutmeg platform to our markets in Asia and replicating the same success seen in the UK.”

 

Rana Yared, partner at Goldman Sachs, said: “Nutmeg has already established itself as one of the fastest growing wealth managers in the UK. We are excited to fuel further growth and innovation through our investment and to support management in their vision of leveraging technology to broaden access to world-class investment solutions.”

 

Martin Stead, Chief Executive Officer of Nutmeg, said: “This is a vote of confidence in our team, investment proposition and track record, and marks Nutmeg’s transition from start-up to scale-up. We look forward to Goldman Sachs’ support and to exploring collaboration opportunities that further accelerate our growth plans. This funding also enables us to expand internationally, with our plug-and-play B2B expansion model, which leverages both our technology and investment capabilities, developed in this highly respected FCA-regulated market. We plan to launch with existing partners, Convoy, in Hong Kong this year.

 

“As the original and largest industry challenger, with an unrivalled technology platform, a proven investment strategy and a clear growth plan, welcoming Convoy and Goldman Sachs as cornerstone investors firmly positions Nutmeg to be the global WealthTech winner.”

 

The Nutmeg offering in Hong Kong will make optimization of idle cash and access to professionally managed portfolios in an efficient process for customers and give them comfort that they are managing their wealth with one of the world’s leading digital asset management platforms.

 

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[1] Subject to regulatory approval

0.0.26-SNAPSHOT[Thu Dec 24 2020 13:20:38 GMT+0800 (HKT)]1f2e1ed747711627e8ac2555a8977d7850a7c1d1