Nutmeg will use the £18.9 million it has attracted from high-profile backers to double headcount, launch a pension product and get to know its clients even better.
Backers include Schroders, Carphone Warehouse founder Charles Dunstone and Icap chief executive Michael Spencer.
In the wake of the news, the company is aiming to take the 36,000 users of its low-cost discretionary service up to 100,000 and plans to invest in marketing and expanding the team.
Chief executive Nick Hungerford (pictured) also plans to take the firm’s consumer understanding to a new level, particularly versus old-fashioned wealth managers.
‘We want to make sure we serve our clients better and get to anticipate their needs before they understand that they have got these needs,’ he said, linked to his aspirations to emulate online retail giant Amazon.
He is also looking to take advantage of the opportunities created from sweeping pension reforms with the launch of a pension product later this year.
While he declined to disclose the exact shape, he said it would be ‘streamlined’ and ‘Nutmegesque’.
‘We want to set an example to the industry so that it is something that is not just about building a product and assuming clients will buy it,’ he said. ‘We want to create something that people want.’