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Nutmeg seeks £10m from customers through crowdfund

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27/03/2019
Roboadvice firm Nutmeg is turning to its customers to raise up to £10m via a crowdfunding campaign.

The firm said the campaign, which is set to launch this summer, will “democratise its company ownership” and give eligible customers the opportunity to invest alongside existing institutional shareholders including Goldman Sachs.

Nutmeg will work with equity crowdfunding platform Crowdcube, which had £224m of investment pledged through its site in 2018 and successfully funded 198 businesses.

Martin Stead, chief executive of Nutmeg, said: “This is an incredibly exciting time for Nutmeg, we continue to welcome new customers: both seasoned investors seeking a high quality wealth management service at a much lower cost; and first-timers, attracted by intuitive technology and a team of investment experts that will manage their portfolios for them. We’re investing in new features for our UK customers, while also taking Nutmeg to new markets around the world, with our first international launch imminent.”

Nutmeg is the largest digital wealth manager in the UK, based on customer numbers and assets under management. It manages over £1.5bn on behalf of over 65,000 customers

Last October, the firm announced it was piloting a new financial advice service offering personalised investment recommendations from a qualified adviser over the phone.

An initial consultation is free and tailored advice costs £350 plus fund fees.

Who is eligible?

To participate in the crowdfund, you’ll need  a Nutmeg account. You would then need to sign up to the Crowdcube website and meet the eligibility criteria to become a Crowdcube user.

Participation in the crowdfund will be subject to Nutmeg’s final approval.

Eligible Nutmeg customers will be able to participate in the crowdfund on the Crowdcube website before any other Crowdcube users.

To receive updates on the crowdfund, sign up at www.nutmeg.com/crowdfund.

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