UK-based fintech firm Nutmeg has launched an equity crowdfunding campaign on Crowdcube. The funding round quickly secured its £1 million funding target and has now nearing £2.6 million from over 1000 investors.
Nutmeg claims to be the UK’s first online “discretionary investment management company.” The company reported that it already manages more than £1.7 billion for over 70,000 customers. It also offers three investment styles (including socially responsible) through an ISA, a Lifetime ISA, a pension and a general investment account.
“Our risk-adjusted, multi-asset, globally diversified portfolios are managed by experts. We keep our day-to-day costs low with proprietary technology and smart trading of exchange-traded funds (ETFs), with a low fee to boost compound returns. Our strategy has regularly delivered investment performance above industry averages.”
The company revealed crowdfunding effort plans earlier this spring, and Martin Stead, CEO of Nutmeg, stated at the time:
“This is an incredibly exciting time for Nutmeg, we continue to welcome new customers: both seasoned investors seeking a high-quality wealth management service at a much lower cost; and first-timers, attracted by intuitive technology and a team of investment experts that will manage their portfolios for them. We’re investing in new features for our UK customers, while also taking Nutmeg to new markets around the world, with our first international launch imminent.”
Luke Lang, Co-Founder of Crowdcube, also commented:
“Nutmeg is a business with a deep sense of purpose – they’re tackling everyday problems and challenges that will resonate with many of our investors. It remains our mission to help nurture the growth of innovative businesses and we’ve no doubt the campaign will be a real success.”
Funds raised through the Crowdcube round will be used to continue the growth and development of the Nutmeg platform. It is set to close mid-July.
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