(City AM)-- The round was co-led by Goldman Sach’s Principal Strategic Investments Group, which invests in “fast-growing technology companies”.
Hong Kong financial advisory firm Convoy, which is an existing investor, also upped its stake in the wealth manager ahead of Nutmeg’s expansion into Asia.
Nutmeg will explore collaboration opportunities with Goldman Sachs and also use the investment, which was first reported by Sky News, to expand internationally.
Nutmeg chief executive Martin Stead 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 commercial 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 this year.”
Nutmeg, which has received £116m in investment since its launch, has tripled in size since its last funding round in 2016 and is now the eighth largest wealth manager in the UK, the company said.
Goldman Sachs partner Rana Yared, who will join the Nutmeg board, 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.”
