Abu Dhabi sovereign wealth fund Mubadala Investment Company has led a £150 million growth equity injection into Nutmeg, the UK digital wealth management platform acquired by JP Morgan in 2021. The investment, which also includes commitments from British Patient Capital and Baillie Gifford, will fund Nutmeg's expansion into Germany, France, and the Netherlands as a standalone European entity operating under its own brand. JP Morgan retains majority ownership but has granted Nutmeg greater operational independence to pursue the continental strategy.

The deal reflects growing interest from Gulf state investors in UK fintech assets, following a string of similar moves by Saudi Arabia's PIF and Qatar Investment Authority in adjacent sectors. Mubadala's fintech portfolio already includes stakes in Wio Bank, Tarabut Gateway, and several Indian digital lending platforms. A spokesperson for Mubadala's ventures arm said Nutmeg's regulated status, proven robo-advisory technology, and JP Morgan backing made it an attractive vehicle for gaining exposure to European retail wealth management.

Nutmeg CEO Neil Alexander said the platform has crossed one million active accounts and now manages over £6.5 billion in assets, making it the largest digital wealth manager in the UK by customer count. The new capital will also be used to launch a self-invested personal pension product and integrate direct equity trading alongside its existing managed portfolio offering. Innovate Finance CEO Janine Hirt described the Mubadala deal as evidence that international sovereign capital increasingly views London as the gateway to European fintech distribution.