Nutmeg

Nutmeg Acquired by JPMorgan Chase

Nutmeg Acquired by JPMorgan Chase
By David Penn Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Nutmeg

Just when you thought the big banks might be getting a little too complacent about the challenge from fintech, JPMorgan announced today that it will acquire U.K.-based digital wealth management platform Nutmeg. Terms of the transaction were not disclosed, but Reuters cited a source who gave Nutmeg a valuation of more than $972 million (£700 million).

JPMorgan Chase CEO of International Consumer Sanoke Viswanathan said that the acquisition would give the bank the opportunity to “build Chase in the U.K. from scratch using the very latest technology.” The Nutmeg acquisition also will complement JPMorgan Chase’s U.K. digital bank launch scheduled for later this year.

A Finovate alum since 2012, Nutmeg was a pioneer in offering affordable, automated financial planning and investment services. Now the largest digital wealth manager in the U.K., Nutmeg has grown into a platform with more than 140,000 clients and $4.9 billion (£3.5 billion) in assets under management. Investors can open an account with as little as £100 or £500, depending on the product, and configure their investment goals and risk level, as well as investment style in a minutes. With a product suite that includes a variety of ISAs (Lifetime, Junior, Stocks and shares) as well as pension and general investment accounts, Nutmeg leverages exchange-traded funds (ETFs) to keep costs low and diversification options broad for investors.

Nutmeg and JPMorgan are far from strangers. The two companies announced a partnership back in November of last year to launch a “bespoke new investment offering” called Smart Alpha for Nutmeg customers. The new Smart Alpha portfolios blend Nutmeg’s core investment principles and expertise in exchange-traded funds and fractional investing with JPMorgan Chase’s in-house multi-asset knowledge and experience. Smart Alpha portfolios are designed for investors of all risk levels who want a globally diversified, dynamic portfolio derives additional returns via smart and transparent security selection.

Photo by Eva Elijas from Pexels

Share this:

Send Post Twitter LinkedIn Facebook

Nutmeg Reaches $4.2 Billion AUM

Nutmeg Reaches $4.2 Billion AUM
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Nutmeg

When it comes to European wealthtech companies, Nutmeg is the original gangster. The London-based company was founded in 2011 and demoed at FinovateEurope a year later in 2012.

Today, the company reached a milestone, topping almost $4.2 billion (£3 billion) in assets under management. The news comes after the company experienced a 72% year-on-year growth in assets under management in the first three months of this year.

Nutmeg has seen a 53% increase in the number of investors on its platform over the past year, and now counts 130,000 investors total.

The growth spurt can be attributed to a few things. First, the company brought on a new CEO, Neil Alexander, after taking a $30+ million loss in 2019. Another big factor in Nutmeg’s recent growth is the increased interest in investing during a low interest rate environment.

“While the last year has been financially difficult for many people, we have also seen many new and existing clients who have been fortunate enough to have more disposable income as a result of reduced expenditure on leisure, hospitality, commuting and holidays,” said Alexander. “Nutmeg has been a beneficiary of this shift, welcoming tens of thousands of seasoned investors wanting to take advantage of a digital-first wealth management service, along with first-time investors looking for the support they receive from our wealth services team in helping them to achieve their financial goals.”

Nutmeg offers ISAs, pensions, and general investment accounts. The firm offers a range of investment options including fully managed, fixed allocation, socially responsible. Earlier this year, Nutmeg partnered with J.P. Morgan Asset Management to offer a new investment option, Smart Alpha.

Smart Alpha combines Nutmeg’s core investment principles, ETF experience, and fractional investment expertise with J.P. Morgan’s in-house, multi-asset knowledge to provide investors a globally diversified, dynamic portfolio.

Photo by Alessia Cocconi on Unsplash

Share this:

Send Post Twitter LinkedIn Facebook

A Look at the Top 50 Fintech Companies in Europe

A Look at the Top 50 Fintech Companies in Europe
By David Penn Posted on
Categories: Avaloq, Guest Post, Hydrogen, Klarna, Kreditech, Ledger, Numbrs, Nutmeg, Revolut, SumUp, Tink, TransferWise

The following is a guest post from Scott Raspa, Head of Marketing, Hydrogen.

The European fintech scene has experienced tremendous growth over the last few years. One of the key drivers of this growth is open banking. This is causing financial institutions and fintechs to partner together to provide more innovative, user-friendly solutions for consumers throughout Europe.

European consumers are receptive to the idea of non-financial players offering financial products, according to EY’s Global FinTech Adoption Index 2019. The survey finds that fintech adoption throughout Europe, especially in countries such as the Netherlands, U.K., Germany, Sweden, and Switzerland, are well above the global average of 64%, and aren’t showing signs of slowing down any time soon.

Below is a list of the top 50 fintech companies in Europe, based on their valuations.

RankingCompanyFundingValuationCountry
1Adyen$266M$22BNetherlands
2NexiPublic$8.2BItaly
3Klarna$1.4B$5.5BSweden
4Checkout$380M$5.5BU.K.
5Revolut$917M$5.5BU.K.
6Transferwise$1.1B$5BU.K.
7Greensill$1.7B$3.5BU.K.
8N26$782.8M$3.5BGermany
9Oaknorth$1B$2.8BU.K.
10IZettle€273.2M$2.2BSweden
11MetroBankPublic$1.92BU.K.
12Wefox$268.5M$1.65BGermany
13Funding Circle$746.4M$1.5BU.K.
14Monzo£384.7M$1.24BU.K.
15Rapyd$170M$1.2BU.K.
16Ledger$88M$1.2BFrance
17AvaloqCHF350M$1.1BSwitzerland
18Deposit Solutions$198.9M$1.1BGermany
19Ivalua$134.4M<$1.0BFrance
20Sumup$425.6M$1.0BU.K.
21Radius Payment£150M$1.0BU.K.
22Numbrs$78.8M$1.0BSwitzerland
23Monese$80.4M$1.0BU.K.
24Worldremit$407.7M<$900MU.K.
25Ebury$123.5M>$900MU.K.
26Oodle Car Finance£160M>$850MU.K.
27Qonto$151.5M>$770MFrance
28Starling Bank£363M>$600MU.K.
29Atom Bank£429M$590MU.K.
30Raisin$206M<$550MGermany
31Tradeplus24$103.5M>$550MSwitzerland
32Kreditech$347.5M<$500MGermany
33Pleo$78.8M$500MDenmark
34Smava$188.7M$500MGermany
35Tink$205.5M>$500MSweden
36Pagantis€76.2M>$400MSpain
37Gocardless$122.3M>$400MU.K.
38Wynd$123.5M>$400MFrance
39Moneyfarm$127.3M>$400MU.K.
40Soldo$83.2M>$400MU.K.
41Ratesetter£43M$360MU.K.
42solarisBank€155.1M$360MGermany
43Bitstamp$12.4M$350MU.K.
44Tinubu Square€79.3M>$350MFrance
45Nutmeg$153.6M$318MU.K.
46Banking CircleN/A$300MDenmark
47BIMA$170.6M$300MSweden
48LendInvest$1.3B>$300MU.K.
49PayFit$101.1M>$280MFrance
50Curve$74.2M$250MU.K.

These companies have raised over $16.8B (€14.3B) in venture capital funding and are valued, collectively, at over $92B (€78B).

The U.K. fintechs are valued at nearly $40B (€34B). The Netherlands are second, all thanks to Ayden, the most valuable fintech in Europe.

The U.K. has also invested the most money, nearly $11B (€9.4B), almost 65% of the funding of these top 50 fintech companies. After the U.K., Germany and Sweden have invested the most with 12.9% ($2.1B / €1.78B) and 12.4% ($2.0B / €1.7B) of the overall funding, respectively.

Fintech Enablement in Europe

Here at Hydrogen we work with companies all over the world. Our award-winning fintech enablement platform enables organizations to quickly and easily build fintech products and components. Whether you want to offer a PFM app in France, a challenger bank in the U.K., or issue cards in Germany, Hydrogen is here to help. Hydrogen has pre-built integrations, workflows, business logic, and UI already built in and available in white labeled/no-code modules or through our robust API.

It’s free to get started, so start building with Hydrogen today!

*Note: Funding information was provided by Crunchbase.com and the Euro, Pound, and US Dollar conversions were based off of today’s conversion rate. Also, total funding amounts didn’t include public companies or companies where we couldn’t identify the funding received.

Photo by H. Emre from Pexels

Share this:

Send Post Twitter LinkedIn Facebook

Wealth Management and Open Banking: Nutmeg Partners with TrueLayer

Wealth Management and Open Banking: Nutmeg Partners with TrueLayer
By David Penn Posted on
Categories: Alumni News, Nutmeg

A partnership between Nutmeg and TrueLayer will bring the benefits of open banking to the U.K. wealth management business for the first time. The online investment platform announced that it will leverage TrueLayer’s financial APIs to enable its customers to make faster, more secure payments to their accounts online or from their mobile device.

“The payments industry is still dominated by card payments, but bank transfers are the best and fastest way to get money into a Nutmeg account and therefore into the market,” Nutmeg Chief Operating Officer Matt Gatrell said. Unfortunately, he explained, the lack of a quality user experience has made customer reluctant to use this option. “With this in mind,” Gatrell said, “Nutmeg has worked with TrueLayer to launch Open Banking payments for customers – reducing a lengthy user process to just a couple of taps.”

Courtesy of the new partnership, all users will need to do is login to their bank, and confirm the payment to their Nutmeg account to make additions to their investments. Nutmeg said this will enable investors to get their money into the market quicker, and boasts that it is the first wealth manager in the U.K. to offer this account funding option, which TrueLayer CEO and co-founder Francesco Simoneschi called “the killer use case for Open Banking.”

Simoneschi explained: “Simplifying and speeding up processes such as payments makes a tangible difference to consumers. It helps them to have much more control and choice with their finances. This is a fundamental goal of Open Banking and another step forward in its wider adoption.”

Nutmeg has bigger plans for leveraging Open Banking than just bank transfers. In a blog post at the company’s website, Nutmeg Product Manager Charlie Masters noted that open banking has helped incentivize the company’s integrations with companies like Yolt, Emma, and MoneyDashboard earlier this year. “We see these new financial products as a great opportunity to improve the customer experience,” Masters wrote.

Founded in 2011 and headquartered in London, U.K., Nutmeg has been a Finovate alum for more than eight years. With more than $153 million in funding raised, the company includes Goldman Sachs, Armada Investment AG, Convoy Global Holdings, Taipei Fubon Bank, and Pentech Ventures among its investors.

Photo by PhotoMIX Company from Pexels

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Artivest, Asseco, Bankjoy, DataSine, Nutmeg, PaySend

Around the web

  • Bankjoy inks partnerships with a trio of Indiana and Texas-based credit unions: Las Colinas FCU, Fort Financial CU, and Mobility CU.
  • Polish telecom Cyfrowy Polsat to take minority stake in Asseco Poland.
  • Nutmeg CEO Martin Stead will leave his post in early 2020, and will be replaced by CFO and COO Jason Alexander.
  • Datasine forges technology partnership with digital marketing platform Mapp.
  • MacKay Municipal Managers chooses open architecture digital platform from Artivest for its financial advisors.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Capsilon, Currency Cloud, Dwolla, Ellie Mae, Fenergo, Finantix, NCR Corporation, Nutmeg, OurCrowd, The Currency Cloud, Tradeshift

On Finovate.com

  • Currencycloud’s Currencycloud Spark Powers Multi-Currency Accounts.
  • The Tightly-Knit Mortgagetech Sector Gets Even Tighter as Ellie Mae Acquires Capsilon.

Around the web

  • Tradeshift teams with Genpact to help clients enhance accounts payable and procurement processes.
  • OurCrowd to join the Millennium Alternative Investment Networkto increase VC opportunities in the U.S.
  • Finextra talks to Nutmeg about expanding the human side of its roboadvisory.
  • Dwolla unveils The Integration Partner Program for more seamless technical integrations between Dwolla, its partners, and their clients.
  • Finantix appoints Christine Ciriani as Chief Commercial Officer.
  • NCR teams with Brightwell to supply ATMs and managed services for Brightwell’s largest cruise line clients.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: aixigo, Anorak, Avaloq, Meniga, nCino, NDGIT, nextmarkets, Nutmeg, The ID Co.

Around the web

  • Meniga opens new office in Singapore.
  • nCino announces expansion to Canada, opens doors on new Toronto, Ontario office.
  • Avaloq acquires structured products and derivatives data provider Derivative Partners.
  • Singapore’s Fintech News features aixigo, Nutmeg, and nextmarkets in its look at top European wealthtech solutions “that Singaporean banks should know.”
  • Anorak teams up with protection and mortgage advice company Albany Park.
  • NDGIT announces new strategic customer in Portuguese challenger bank, Banco BNI Europa.
  • The ID Co. joins North American division of the Financial Data & Technology Association (FDATA).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Nutmeg Says No to IPO, Opts for Crowdfunding Instead

Nutmeg Says No to IPO, Opts for Crowdfunding Instead
By Julie Muhn (@julieschicktanz) Posted on
Categories: Nutmeg

Two months after closing a $58 million investment, U.K. wealth management company Nutmeg announced it will crowdfund its next bout of funding.

Nutmeg is opting to sell shares to its clients, rather than list the company on a public exchange, which would subject it to the volatility of the market. The company will be using Crowdcube as its crowdfunding platform.

“We’re pleased that we will soon be giving eligible Nutmeg customers the chance to become shareholders alongside our existing investors like Convoy, Goldman Sachs and Balderton Capital, among others,” the company announced on its website. Customers who hold a Nutmeg account on May 15 will get early access to participate in the crowdfunding round and those who sign up on Crowdcube will receive updates as soon as it goes live (the timing of the launch is currently undisclosed). The company plans to use the funds to fuel international expansion.

On its website announcing the offer, Nutmeg reminds potential participants that purchasing the shares is “high-risk” and “isn’t for the short term.” The company reinforced the non-traditional nature of the investment, saying that it “isn’t listed on any stock exchange, and you won’t be able to sell your shares until the business achieves an ‘exit’, such as being sold to another company or floating on a stock exchange.”

Since it was founded in 2011, Nutmeg has raised $148 million from 13 investors, including Convoy, Goldman Sachs, and Balderton Capital. The company currently manages $2 billion (£1.5 billion) in funds for its 65,000 clients in the U.K.

Nutmeg showcased its digital investment management at FinovateEurope 2012 in London. Last year, the company was featured on Fidor Bank’s digital marketplace as an inaugural partner. Co-founded by Nick Hungerford and William Todd, Nutmeg appointed Martin Stead as CEO in 2015.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Adobe, HooYu, InComm, Insuritas, Ledger, Nutmeg, Overbond, Qover, SigFig, Signicat, Spreedly, Token, UBank, YellowDog

On Finovate.com

  • Overbond Launches COBI Matching in Pivot to Analytics.
  • YellowDog Raises $3.3 Million in Series A.
  • Nutmeg Says No to IPO, Opts for Crowdfunding Instead.

Around the web

  • Ledger integrates with Cardano’s ADA and Yoroi Wallets.
  • Insuritas partners with SouthEast Bank to launch bank-owned digital insurance agency platform.
  • Adobe unveils Commerce Cloud, a customizable and scalable platform to manage, personalize, and optimize the commerce experience.
  • SigFig unveils SigFig Atlas, a financial advice and software-guided sales platform.
  • InComm and WH Smith launch in-store, online hubs for game cards in the U.K.
  • UBank integrates Watson into its customer service offerings with RoboBrain, a Watson-enabled virtual assistant.
  • Token.io and Konsentus launch fast PSD2 compliance solution by combining a PSD2 API with automated TPP verification.
  • Verimi and Signicat partner to deliver verified digital identity solution for European enterprises.
  • HooYu to provide ID verification for esports betting platform, Luckbox.
  • Qover earns a spot on Programmable Web’s list of 13 Notable Insurance APIs.
  • WRAL Tech Wire features Spreedly in a look at local technology companies.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook

Nutmeg Raises $58 Million in Goldman Sachs-Led Funding

Nutmeg Raises $58 Million in Goldman Sachs-Led Funding
By David Penn Posted on
Categories: Funding, Nutmeg

Nutmeg, the alternative investment app, has completed a $58.7 million (£45 million) fundraise led by the Goldman Sachs Principal Strategic Investments Group, and Convoy, the Hong Kong-based financial advisory firm, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

It aims to use the funding to expand, with “an international B2B plug-and-play partnership model which leverages its proprietary technology.”

Convoy will help Nutmeg launch into Hong Kong later this year, according to the firm. Convoy first invested in the firm in 2016.

This is the largest ever investment into a digital wealth manager in Europe, according to Nutmeg.

Nutmeg currently counts 60,000 customers in the U.K., out of which 40% of our customers have never invested before; 35% are female, compared to a market average of just 26%; and the average age of our investor is 40, around ten years younger than the industry average.

Goldman Sachs is well known for making long-term investments in “fast-growing” technology companies.

Some recent examples include alternative SME finance provider Capify and cyber firm Immersive Labs.

Nutmeg demonstrated its online investment manager at FinovateEurope 2012. Headquartered in London, and founded in 2010, this week’s investment brings the company’s total funding to more than $147 million. Martin Stead is CEO.

Share this:

Send Post Twitter LinkedIn Facebook

Fidor Bank’s Digital Marketplace Features Nutmeg as Inaugural Partner

Fidor Bank’s Digital Marketplace Features Nutmeg as Inaugural Partner
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fidor Bank, Nutmeg, Uncategorized

Fidor Group has been at the forefront of fintech innovation since it received its banking license in 2009. Today, the company’s U.K. challenger bank announced that Nutmeg is one of two inaugural partners for Finance Bay, the bank’s new marketplace that aims to offer clients access to alternative investment opportunities. The second inaugural partner for the launch of Finance Bay is equity crowdfunding platform Seedrs. The fintech marketplace will host additional partners, including a number of debt-based P2P lending platforms, in the coming months.

Katharina Rausch, Head of FinanceBay, Fidor’s Fintech marketplace, said, “Fidor has long welcomed affluent and financially curious customers to our digital bank and based on their investment appetites we have built an exciting suite of investment products made accessible to customers via a handful of carefully curated Fintech partners. Our fintech marketplace will be instrumental in offering exciting investment opportunities to many of Fidor’s UK based customers.”

Founded in 2011, Nutmeg’s online wealth management platform seeks to democratize saving and investing. The company manages portfolios, ISAs, and pensions and offers a range of fully managed and fixed allocation portfolios. Martin Stead, CEO of Nutmeg, said, “We are passionate about making quality wealth management available to everyone and initiatives like Fidor’s Fintech marketplace, make great strides toward this goal.”

U.K.-based Nutmeg showcased its technology at FinovateEurope 2012 in London. In 2016, the company was honored at Your Money Awards, ETF.com Awards, and FSTech Awards. The company has raised a total of almost $90 million.

Fidor has demoed at FinovateEurope 2011 and presented at FinDEVr New York 2016. The Munich-based company was recently acquired by France’s Groupe BPCE. Last month, Fidor Solutions appointed former ABN Amro exec, Geert Ensing, as its new Chief Information Officer.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Baker Hill, DefenseStorm, Fidor Bank, Fiserv, Nutmeg, SocietyOne, Zenmonics

On Finovate.com

  • SocietyOne Surpasses $300 Million in Loans Issued
  • Fidor Bank’s Digital Marketplace Features Nutmeg as Inaugural Partner

Around the web

  • DefenseStorm to serve as cybersecurity partner for Bank of Jackson Hole to enhance security.
  • Baker Hill NextGen to power consumer loan origination for CapStar Bank.
  • Zenmonics Teams Up With Queen City Fintech To Drive Fintech Innovation in Charlotte
  • Fiserv partners with Vestwell to add digital retirement planning to its wealth management network

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Share this:

Send Post Twitter LinkedIn Facebook