UK’s Tumelo Acquires $19M to Help Investment Platforms and Pension Providers with Informative Insights

Tumelo, a UK-based firm that aims to help investment platforms and pension providers give investors key insights into which companies their money is being put into, and a voice on issues like board diversity and climate change, has acquired $19 million in capital.

The Series A investment round has reportedly been led by Fintech-focused venture fund Treasury and includes contributions from Legal & General, Fidelity International Strategic Ventures, Nucleus Adventure Capital, Lance Uggla, previous CEO of IHS Markit, and Jim Wiandt, founder of

Self-styled “impact-focused” Fintech Tumelo is now aiming to assist even more investors with exercising their shareholder rights. The company’s APIs and white-label software solutions show investors which firms their money is being invested in and gives them a voice on the issues that might matter the most to them, from CEO pay to board diversity as well as climate change.

The vote preferences collected from investors are reportedly sent to asset managers, who control the power to create change via voting at company AGMs.

For investment platforms, robo-advisors and pension providers, Tumelo notes that its tech aims to strengthen investor loyalty, drives increased AUM and retention, and may be able to win large workplace pension accounts where financial wellbeing is a key priority.

The firm has now entered strategic relationships with 17 major investment platforms and 75 fund managers based in the United Kingdom. The additional capital will be used to form more partnerships and to further expand operations into the United States and Australia.

Georgia Stewart, CEO at Tumelo, stated:

“Tumelo has transformed from a student campaign into a daring FinTech with a blossoming team. The incredible calibre of institutional and private investors who have committed to our vision and backed our growth is a testament to the strength of our mission, product, culture and execution to date.”

Erik Mostenicky, Vice President at Fidelity International Strategic Ventures, said:

“Tumelo’s unique value proposition, enabling retail investors to have a voice on stewardship matters of public companies, is well-timed with current market developments. Active stewardship models are transforming the industry, and large asset managers have a duty to serve as conduits of capital for good stewardship. This global trend with regulatory tailwinds is driving change across the retail investment and pension markets; Tumelo is best placed to facilitate such progress.”

Stuart Murphy, Co-Head of Defined Contribution (DC), at Legal & General Investment Management said:

 “This is an exciting development, not just for Tumelo and our partnership, but for our clients and scheme members, who will benefit from an enhanced product offering as Tumelo continues to innovate and grow. The DC market is moving towards ‘expression of wish’ and split or pass-through voting, so we see the evolution of the Tumelo offering as an opportunity for L&G to remain at the forefront of the industry working with Tumelo and their partners both in the UK and overseas.”

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