When Hong Kong financial advisory firm Convoy announced this week that it was investing £24 million in Nutmeg, a small, technology-driven UK fund management group, no lesser person than the Chancellor of the Exchequer Philip Hammond got quite excited.
When Hong Kong financial advisory firm Convoy announced this week that it was investing £24 million in Nutmeg, a small, technology-driven UK fund management group, no lesser person than the Chancellor of the Exchequer Philip Hammond got quite excited. “Britain is leading the way forward in global fintech,” he said. “It is an industry which is going from strength to strength and today’s announcement confirms the UK as the global fintech capital.” Well up to a point. Nutmeg is nothing special in technical terms, pretty unsuccessful in attracting clients and mildly embarrassing for backers who have already invested more than £50 million in it. It is not so much going from strength to strength as loss to loss, the latest being £9 million.
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