Taipei Fubon Bank, a subsidiary of financial services firm Fubon Financial Holdings, has invested £12m ($14.8m) in UK-based online investment manager Nutmeg, Citywire has reported.
The capital will be added to the $37.2m in series D funding raised by Nutmeg in November 2016. Financial advisory firm Convoy invested 80% of the money to lead the first tranche, which included Schroders, Balderton Capital, Pentech, Armada Investment Group and angel investor Nigel Wray.
Nutmeg offers a wealth management service that aims to provide investors with a globally diversified portfolio. The minimum investment is £500 for each ‘pot’, and management fees are lower the more a customer invests.
The Fubon investment will support company growth and product innovation, according to Nutmeg CEO Martin Stead, who 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.”
Nutmeg has now raised more than $90m since it was founded in 2011, the company having received $5.3m in a 2012 round co-led by Pentech and Armada chairman Daniel Aegerter that included angel investors Tim Draper and Klaus Hommels.
Schroders, Balderton, Draper Associates, Aegerter and fellow angel investor Charles Dunstone supplied a further $32m for the company in 2014.