London start-up Nutmeg has raised $32m from City bigshots including Carphone Warehouse founder Charles Dunstone, asset manager Schroders and venture capital firm Balderton Capital.
Founded in 2012, the online wealth fund manager looks after portfolios of retail investors who invest anything upwards of £1,000. The site boasts 35,000 registered users.
Nutmeg co-founder Nick Hungerford said: “Today’s announcement is hugely exciting and goes to show that if you put the customer at the centre of the business, you will prosper. We believe our digital model epitomises the future of investment management.
“We’ve built an award-winning service from the ground up, one that delivers brilliant portfolio management at an incredibly low cost, in a way that is secure, transparent and above all convenient for the customer.”
Carphone Warehouse founder Charles Dunstone said: “Nutmeg is changing the face of wealth management. They have a strong proposition and provide exceptional user experience.”