UK “challenger” wealth manager Netwealth has completed its fourth round of fundraising with total investment now standing at £38m ($52.5m, €44.6m).
Stuart Rose, former boss of Marks and Spencer, joined the funding round with a “significant majority” of the largest existing shareholders, also following their previous investments.
Michael Spencer, founder of Icap, who previously invested £5m in 2019, has also exercised his option to commit a further £5m, taking the latest additional funding to £11.3m.
The proceeds “will be used to support continued organic growth and further investments in technology”.
Netwealth is “also considering potential opportunities for growth via acquisition of suitable IFA businesses”.
Read the full story at International Adviser here.
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