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JPMORGAN CHASE & CO.

(JPM)
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Goldman Sachs backs UK-based robo adviser Nutmeg in latest funding round

01/22/2019 | 12:31pm EDT

(Reuters) - U.K.-based online wealth manager Nutmeg said https://www.nutmeg.com/nutmegonomics/goldman-sachs on Tuesday it raised $58.2 million in funding from investors, including Goldman Sachs Group Inc, proceeds of which will be used mainly for international expansion.

The latest funding round values Nutmeg Saving and Investment Ltd at 245 million pounds ($317.1 million), the company said.

Goldman's investment in Nutmeg is occurring as financial institutions, especially traditional banks, spend millions of dollars to drive tech innovations in their banking operations and enhance their appeal to digitally-inclined consumers.

Banks like Goldman, JPMorgan Chase & Co, Wells Fargo and mammoth wealth managers such as BlackRock Inc have been investing in robo-advisers to overhaul their distribution models in the face of tougher regulation, take some pressure off fees and cater to the changing investment needs of a younger generation.

Nutmeg is an online investment service provider which specialises in individual savings account, pension and general investment.

Its latest funding round also saw participation from its existing shareholder, Convoy Global Holdings Ltd, a Hong Kong-based financial advisory firm.

Nutmeg has raised nearly $90 million in four funding rounds, the last of which was in December 2016, according to data website Crunchbase.

($1 = 0.7726 pounds)

(This story corrects paragraph one to add dropped words "from investors including"; updates headlines)

(Reporting By Aparajita Saxena in Bengaluru; Editing by James Emmanuel)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -0.26% 867.17 Delayed Quote.20.49%
JPMORGAN CHASE & CO. -0.80% 151.78 Delayed Quote.19.45%
LETS HOLDINGS GROUP CO., LTD. -0.64% 6.18 End-of-day quote.-20.57%
LOOK HOLDINGS INCORPORATED -4.25% 1352 End-of-day quote.41.27%
THE GOLDMAN SACHS GROUP, INC. -0.71% 374.88 Delayed Quote.42.16%
WELLS FARGO & COMPANY -1.20% 45.94 Delayed Quote.52.22%
WILL GROUP, INC. -2.94% 959 End-of-day quote.-4.67%
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Financials (USD)
Sales 2021 122 B - -
Net income 2021 41 899 M - -
Net Debt 2021 - - -
P/E ratio 2021 10,9x
Yield 2021 2,50%
Capitalization 454 B 454 B -
Capi. / Sales 2021 3,72x
Capi. / Sales 2022 3,74x
Nbr of Employees 260 110
Free-Float 72,7%
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Number of Analysts 28
Last Close Price 151,78 $
Average target price 165,79 $
Spread / Average Target 9,23%
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Managers and Directors
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jeremy Barnum Chief Financial Officer
Lori A. Beer Chief Information Officer
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