Martin Stead, chief executive of Nutmeg, described the investment as cementing “our position as Europe’s leading digital wealth manager”.
Split into two tranches, Convoy paid nearly £10.2m for the first tranche of shares, and £13.8m for the second tranche.
Following the acquisition, Convoy will hold approximately 17.16% of Nutmeg.
Nutmeg’s existing backers — including Schroders, Balderton Capital, Pentech, Armada Investment Group, and Nigel Wray — also participated in the fund raising which netted Nutmeg £30m.
Schroders confirmed to International Adviser that the company’s own holding had not changed following the Convoy purchase.
Stead said: “This new funding will help us to accelerate our already strong pace of growth. Nutmeg now manages over half a billion pounds for over 20,000 customers, and we are now four times the size we were in 2014, the time of our last fundraise.”
Hammond said: “Britain is leading the way forward in global Fintech. It’s an industry that is going from strength to strength and today’s announcement confirms the UK’s position as the global Fintech capital.
“This is another international investment into a home-grown UK company, demonstrating the UK is open for business.”