Robo-adviser Nutmeg has completed the largest fund raise for any company in the digital wealth management sector in Europe.
Among the eye-catchers in the ¬£45m funding round are Goldman Sachs, which has invested in Nutmeg for the first time, and existing shareholder Convoy, the Hong Kong-based advisory firm.
The new money values the loss-making Nutmeg at ¬£245m. The company said the new funding will be used mainly for international expansion.
Martin Stead, chief executive at Nutmeg, said Nutmeg had a plug-in-and-play model ready to be utilized in international markets.
"We plan to launch with existing partners Convoy in Hong Kong this year," he said. "As the original and largest industry challenger, with an unrivalled technology platform, a proven investment strategy and a clear growth plan, welcoming Goldman Sachs as a cornerstone investor firmly positions Nutmeg to be the global WealthTech winner."
Nutmeg current has over 50,000 customers in the UK signed up to its various investment portfolios of ETFs.
More than just Millennials
, James McManus, investment manager and head of ETF research at Nutmeg, said it was wrong to think of Nutmeg's appeal as being to one demographic group.
"When it comes to defining who is a Nutmeg client there is no typical client It might surprise you, but the average age of our clients is mid-40s; these are not the Millennials the industry sometimes expects," he said.
"One really interesting statistic is that around 40% of our clients have never invested in anything before - this will be the first time they invest. So we use data to be intuitive about what we put in front of clients. The inexperienced customers need a different type of content and handholding."
Nutmeg's portfolios are currently open architecture, meaning the company can choose the products of any ETF provider. He said Nutmeg has consistently found the providers to be "tremendously supportive" of Nutmeg's proposition.
Stead said the new investment represented Nutmeg moving from start-up to scale-up business. "This is a vote of confidence in our team, investment proposition and track record," he said.