Schroders, Charles Dunstone (Carephone Warehouse) and Michael Spencer (ICAP) have invested US$32 in Nutmeg the UK version of Wealthfront, Betterment or Personal Capital.
Online wealth manager Nutmeg today raised $32 million (£18.9 million) from some of the City’s best-known investors as it looks to expand its operations. The business, which has 35,000 users in the UK, said its latest backers include Carphone Warehouse founder Charles Dunstone, asset manager Schroders and venture capitalist Balderton. Boss Nick Hungerford said: “Today’s announcement 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.”