Nutmeg has raised $50 million in funding from investors including Sir Charles Dunstone, the Carphone Warehouse founder, Balderton Capital and Tim Draper. It now has it's sights firmly on the incumbents.
Nutmeg is cagey about how much it has under management, but claims that it has enough customers to be in the top 20 wealth managers in the UK, even if it remains the only company of its type in Britain. It is seeking regulatory approval to add financial advice to its services. Where wealth managers and financial advisers typically want clients with hundreds of thousands of pounds to invest, Nutmeg is going after those with much small savings pots.