Nutmeg has launched a partnership with Taipei Fubon Bank, allowing the Tawainese bank’s five million customers to leverage the digital service.
The partnership marks the first European robo-adviser to branch into the Asian market.
The new service, called Nano Investments, will use Nutmeg’s ‘proprietary technology’. The service has been through a beta phase where 46,000 Taipei customers participated in an investment simulation.
It will have a minimum investment of US$100 (£77.55).
Nutmeg has been appointed as Nano's investment adviser to provide ongoing advice on investment strategy and exchange traded-fund (ETF) due diligence, as well as portfolio management services.
In March, the digital wealth manager sought to raise cash via crowdfunding platform Crowdcube. Earlier in 2019, Goldman Sachs took a stake in the company alongside Convoy to raise £45 million in a Series E funding round.
Results published on Companies House last October revealed how heavy investment in the business was impacting Nutmeg’s profitability.
The results showed that losses jumped by nearly a third to £12.4 million in 2017.
Martin Stead (pictured), Nutmeg’s chief executive officer, said: ‘Taiwan is an exciting market for expansion, with a large population that is currently under-served by the fintech revolution.
‘Working in partnership with Taipei Fubon Bank, using Nutmeg’s proprietary technology and investment expertise, we’re able to help them reach the majority of their customers who don’t currently have a private wealth management option.
‘Nano Investments will use AI technology to offer custom portfolio recommendations that are transparent, easy to understand and tailored to customers’ goals and objectives.’
Nutmeg was launched in 2012 and now manages approximately £1.75 billion on behalf of 70,000 UK customers.