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Nutmeg partners with challenger bank

Nutmeg partners with challenger bank

Nutmeg has partnered with digital challenger bank Fidor for a fintech service launching into the UK.

The online wealth firm joins peer-to-peer lender Seedrs as the inaugural partners for the service, which will provide UK customers with an extensive suite of fintech products and services, alongside alternative investment opportunities. 

Nutmeg will be the the first investment provider on the platform, offering its range of services for customers looking for savings accounts, ISAs or pensions.    

Nutmeg CEO Martin Stead (pictured) said: 'The way people save, invest and manage their money is changing.

'Innovative technology is transforming financial services with a clear focus on improving access and opportunity for new and existing investors.

'We are passionate about making quality wealth management available to everyone and initiatives like Fidor’s fintech marketplace, make great strides toward this goal.'

Seedrs, which is backed by Neil Woodford and an investement vehicle supported by Lord Rothschild's RIT Capital, will be the sole equity finance partner for the new partnership.  

Seedrs will also provide Fidor clients with the opportunity to tap into crowdfunding opportunities. The firm has helped attract investment for a number of businesses, including software firm FreeAgent, which listed on AIM last October. 

Seedrs chief executive Jeff Lynn said: 'Our new partnership with Fidor Bank provides us a great opportunity to give a tech savvy investor base access to some of the most exciting early stage investment opportunities in Europe. 

'We are huge admirers of Fidor and all that has achieved as one of the original challenger banks, and we look forward to welcoming many of their customers as Seedrs investors.' 

Fidor said it would be striking partnerships with more leading fintech firms in the coming months as the marketplace scheme rolls out. This is expected to include a number of debt based peer-to-peer platforms. 

Fidor was founded in 2009 by Matthias Kroener and was said at the time to be the world's first 'fintech bank'.  

Fidor’s banking concept provides an online community for people to provide and receive financial advice, giving users rewards for doing so such as cash, improved current account and savings bond interest rates.

'We are pleased to welcome Seedrs and Nutmeg into our fintech marketplace as our investment providers,' said Katharina Rausch, head of FinanceBay, Fidor’s fintech marketplace.  

'Fidor has long welcomed affluent and financially curious customers to our digital bank and based on their investment appetites we have build an exciting suite of investment products made accessible to customers via a handful of carefully curated fintech partners.

'Our fintech marketplace will be instrumental in offering exciting investment opportunities to many of Fidor’s UK based customer.'  

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