Taylor Wessing has advised long-standing client Nutmeg, on its latest funding round totalling £30 million, as the UK’s original digital wealth manager looks to accelerate growth and expand its offering.

The funding is the largest fintech raise since Brexit and brings the company’s fundraising to a total of £59.4 million investment over the last five years. This most recent round of investment was led by Hong Kong’s largest independent financial advisory firm, Convoy, and creates a strategic partnership that brings expertise in financial advice to compliment Nutmeg’s own proposition in the UK.

Taylor Wessing has acted for Nutmeg since the company’s incorporation in January 2011 and has advised on various previous funding rounds to date, including those from existing backers Schroders and Balderton Capital, who also contributed to this funding round.

Nutmeg has transformed wealth management by delivering sophisticated portfolio management to anyone with as little as £500 to invest. The company has grown significantly since its launch in 2012 and currently manages more than half a billion pounds for a growing base of over 20,000 customers.

Martin Stead, CEO of Nutmeg, commented: “This investment cements our position as Europe’s leading digital wealth manager. We are delighted to welcome our friends at Convoy to our board. Convoy shares our huge ambition for the Nutmeg business and, with these new funds, we will be able to further scale and expand our business, bringing smart online investing and advice to more people. As always, we found working with Taylor Wessing on this transaction to be a seamless experience.”

Corporate Technology partner Howard Palmer said: “We are delighted for Nutmeg on the outcome of this investment, which will further position them as an ambitious and innovative player in the competitive wealth management industry. We look forward to working with Martin and the team again soon as they continue to expand.”

The Taylor Wessing team advising Nutmeg was led by Corporate Technology partner Howard Palmer and supported by senior associate Elizabeth Rhodes (Corporate Technology) with specialist advice from partner Jonathan Rogers and senior associate Chris Ratcliffe (Financial Services Regulatory), partner Graham Hann and associate Jan McIntyre (Commercial).