This latest cash injection comes just a month after Convoy, one of the largest IFA firms in Hong Kong, paid £24m for a stake in the UK investment platform.
As part of this arrangement, Nutmeg formed a strategic partnership with Convoy to help support the robo-adviser with its expansion plans in Asia.
Nutmeg’s latest funding came entirely from Taipei Fubon Bank, a subsidiary of Taiwan’s second largest financial services firm Fubon Financial Holdings.
At the same time, Nutmeg has revealed that it manages approximately £600m assets under management (AUM) on behalf of 25,000 customers.
Nutmeg has now attracted a total of £71m over the last five years, with the latest round attracting £42m – making it the largest ever fintech raise for an online wealth manager outside of the US.
The latest investment will be used to fuel Nutmeg’s innovation, expansion and to maintain its growth trajectory.
“With interest rates at all-time lows, and inaccessible and expensive competitor offerings, there is an urgent need for change in the investment market,” Nutmeg chief executive Martin Stead said in a statement.
“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.”
