Wealth Management and Open Banking: Nutmeg Partners with TrueLayer


A partnership between Nutmeg and TrueLayer will bring the benefits of open banking to the U.K. wealth management business for the first time. The online investment platform announced that it will leverage TrueLayer’s financial APIs to enable its customers to make faster, more secure payments to their accounts online or from their mobile device.

“The payments industry is still dominated by card payments, but bank transfers are the best and fastest way to get money into a Nutmeg account and therefore into the market,” Nutmeg Chief Operating Officer Matt Gatrell said. Unfortunately, he explained, the lack of a quality user experience has made customer reluctant to use this option. “With this in mind,” Gatrell said, “Nutmeg has worked with TrueLayer to launch Open Banking payments for customers – reducing a lengthy user process to just a couple of taps.”

Courtesy of the new partnership, all users will need to do is login to their bank, and confirm the payment to their Nutmeg account to make additions to their investments. Nutmeg said this will enable investors to get their money into the market quicker, and boasts that it is the first wealth manager in the U.K. to offer this account funding option, which TrueLayer CEO and co-founder Francesco Simoneschi called “the killer use case for Open Banking.”

Simoneschi explained: “Simplifying and speeding up processes such as payments makes a tangible difference to consumers. It helps them to have much more control and choice with their finances. This is a fundamental goal of Open Banking and another step forward in its wider adoption.”

Nutmeg has bigger plans for leveraging Open Banking than just bank transfers. In a blog post at the company’s website, Nutmeg Product Manager Charlie Masters noted that open banking has helped incentivize the company’s integrations with companies like Yolt, Emma, and MoneyDashboard earlier this year. “We see these new financial products as a great opportunity to improve the customer experience,” Masters wrote.

Founded in 2011 and headquartered in London, U.K., Nutmeg has been a Finovate alum for more than eight years. With more than $153 million in funding raised, the company includes Goldman Sachs, Armada Investment AG, Convoy Global Holdings, Taipei Fubon Bank, and Pentech Ventures among its investors.

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