Fintech plans growth abroad following Series A financing round | South West Deals News
An impact-driven fintech specialist headquartered in Bristol, founded by a trio insider 42 under 42s has raised $19 million in a Series A funding round, with the investment designed to support the company’s expansion into the United States and Australia.
Tumelo is a savings and investment platform that enables private investors and retirees to benefit from a more sustainable investment system.
It enables annuity providers and investment platforms to offer their clients transparency about the companies they own and a shareholder voice on issues that matter to them, such as: B. Gender equality or climate change.
The company was founded by Will Goodwin, Georgia Stewart and Ben King – who were all named that way insider 42 out of 42 in 2019 – with its technology currently used by Legal & General (L&G), Aviva Investors, Fidelity, Cushon, Wealthyhood and iClima.
The investment was led by Treasury, the US-based fintech venture fund led by Betterment co-founders Acorns and Say Technologies. Other investors include L&G, Fidelity International Strategic Ventures (FISV), Nucleus Adventure Capital, Lance Uggla and Jim Wiandt.
They join existing supporters, including Jeremy Coller, Chief Information Officer of Coller Capital and founder of the FAIRR initiative.
CEO Georgia Stewart said, “Tumelo has transformed from a student campaign into a daring FinTech with a thriving team.
“The incredible caliber of institutional and private investors who have committed to our vision and supported our growth is a testament to the strength of our mission, product, culture and execution to date.
“I look forward to working closely with all of you to take our product, our team and our achievements to the next level and bring shareholder democracy to the global financial system.”
The investment will further enhance the platform to allow more investors to exercise their shareholder rights and expand Tumelo’s reach across the UK.
It will also support Tumelo’s expansion into the US, Australia and other market segments following strong demand.
Jeff Cruttenden, Co-Founder of Acorns, Say Technologies and Partner at Treasury added: “Tumelo initially focused on the European market and is now well positioned to benefit from the growing focus on ESG and good leadership in the US.
“Brokers and 401(K) platforms want to engage and empower their investors, while asset managers and issuers want better insight into ESG from their own shareholders.”